By; Olivia Nabaggala
Government has confirmed to have resolved to halt the tax on the second of the three mobile money transactions during a Cabinet sitting yesterday at State House in Entebbe.
The initial tax bill which was announced by the Finance Ministry in this year’s financial budget 2018/19 presentation put a tax of 1% tax on all mobile money transactions, namely; sending, receiving and depositing which has caused serious criticism and objection for the general public.
With the underlying pressure, government has now agreed to stop taxing mobile money sending according to the revelation by Information and ICT Minister Frank Tumwebaze.
The Cabinet also cemented President Yoweri Museveni’s reduction of the 1% tax to 0.5% a tax that will be levied only on withdrawals.
The State Minister for Finance David Bahati told the press at media center that they are to table an Excise Duty Amendment Bill for the first reading in parliament on Thursday this week in the interest of promoting a cash free environment.
Bahati however, stressed that the 200shs tax on social media will be maintained although the modality of paying the tax will be revised with Telecom companies.
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