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2018/2019 Budget: Tax increased on mobile money transfer services - 10 months ago, 14 June 16:55

Benjamin Muriuki

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 ...
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