Three entities that draw revenue from fuel levy, i.e Ministry of Natural Resources, Eswatini Revenue Authority and Sincephetelo M.V.A.Fund, have signed an MoU that seeks to ensure accurate declaration and collection of levies and taxes from oil companies operating in Eswatini. The heads of the three entities, PS Winnie Stewart, DG Dumisani Masilela and Acting CEO Max Mkhonta signed the MoU, while executives from the entities as well as the project team were present to witness the signing ceremony
Speaking during the signing ceremony, SMVAF Acting CEO Max Mkhonta lauded the commitment demonstrated by all entities’ leaders in ensuring that the agreement came to a finality, in preparation for the start of the project.
“I share the sentiments expressed by the Principal Secretary MNRE as well as the Commissioner General that we are indeed delighted to gather this morning to witness the signing of the MoU between the three partners. The main objective of the engagement, as we have heard, is to propose and implement strategies aimed at ensuring that all taxes and levies due, are accurately declared and remitted to the relevant institutions within agreed timelines,” he said.
He said Sincephetelo’s interest in this tripartite co-operation is two-pronged, namely: firstly, to comply with our statutory requirements to collect the levy from imported volumes; and secondly, to optimise revenue collection initiatives.
SRA Commissioner General noted what while the project team would also conduct benchmarking with similar entities on how best to carry out the exercise; he challenged the team to work towards ensuring that the country becomes the benchmark in the future. “We are not here only to support the team, but to provide leadership to the project,” he said.
On the other hand, PS in the ministry of Natural resources and Energy, Winnie Stewart implored stakeholders, particularly oil importers, to cooperate and work with the team as they conduct their work. “Ladies and gentlemen, allow me to conclude by saying that with the signing of this MoU, the country stands to benefit from the collective efforts by the three institutions to safeguard one of the country’s main sources of revenue through the collection of taxes and levies. May I take this opportunity to appreciate and thank everyone who has contributed meaningful expertise since the project inception until today as we are officially signing the MoU. I look forward to the collaborative work that is ahead of us,” she said.