2018/2019 Budget: Tax increased on mobile money transfer services
3 months ago, 14 June 16:55
Mobile money service providers are set to pay higher taxes in the coming financial year if a proposal by Treasury Cabinet Secretary Henry Rotich in the 2018/2019 budget is approved.
CS Rotich, while reading the budget in Parliament, proposed to increase excise duty on mobile money transfer services from 10% to 12% and have the amount collected channeled towards funding the government’s universal healthcare agenda.
The Treasury CS also proposed a tax of 0.05 % on cash transfers of more than Ksh.500,000 between banks and other financial institutions.
“Our economy has a well established financial sector in the region with significant sums of money transferred monthly. In order for the government to get a fair share of revenue from these financial activities and to finance critical government programmes I propose to introduce a robin-wood tax of 0.05% of any amount of ksh500,00 or more transferred through banks and other financial institutions,” said Rotich.
“The revenue realised from these measures shall be used to fund universal healthcare.”
More to follow…
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