0.5% New Mobile Money Taxes Starts Today

0.5% New Mobile Money Taxes Starts Today

By Our Reporter

The state minister for Finance David Bahati on Thursday assured Parliament that the mobile money tax will reduce from 1 percent to 0.5 percent beginning Friday November 16.
This follows questioning from Members of Parliament about why the change in the tax had not been implemented, more than a month after it was passed by the House.

“The president assented to the bill within the period as indicated in the Constitution and the law will be gazetted tomorrow. And the effectiveness of the law will start tomorrow (Friday),” Bahati said.

The president had also signed the new bill into law last week, but telecoms were still taxing mobile money users at the rate of 1% on every withdrawal.

Government intends to raise sh150b from taxing the mobile money service; the biggest financial inclusion tool in Uganda, benefiting about 20 million Ugandans.

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