Uganda nets Sh188mn from social media, mobile money tax - 7 months ago, 18 July 11:34
Uganda announced Tuesday that it has so far collected Ush7 billion (about Ksh188.4 million) from the newly-introduced tax on social media and mobile money transactions just a week into the new financial year.
Minister for Finance David Bahati said that although Cabinet approved a reduction of excise duty on mobile money from 1 per cent to 0.5 per cent, the drop would not affect earlier government estimates of collecting Ush118 billion (about Ksh3.2 billion) from the tax that has stirred public outrage.
Mr Bahati said that a Monday Cabinet meeting at State House Entebbe agreed to apply the tax only on withdrawals and not money that was being sent.
“As long as you are not cashing out money, you will not pay the tax but if you do, you will make the contribution of 0.5percent. We expect that if we charge the levy of 0.5 percent on withdrawals only, we ...
Category: topnews news business