Kampala, Uganda – Saturday 17th November 2018. MTN Uganda has today implemented the revised tax measures on mobile money transactions – from 1{0945c2a372ac1e8bbfe7cc3e10f9b82eb0b8ae872b07368d754f0396b6ef2afe} to 0.5{0945c2a372ac1e8bbfe7cc3e10f9b82eb0b8ae872b07368d754f0396b6ef2afe} on withdrawals only.
The implementation comes after the assenting of the Excise Duty (Amendment) Act (2018) into law by President Yoweri Museveni. This Act reduces the tax that went into force on 1st July 2018 and limits its application to only withdrawals from customers’ mobile money wallets. The tax will not apply to other forms of mobile money transactions like payments, sending and receiving money and deposits or buying of airtime and bundles using MTN MoMo.
This is a welcome move that is applauded by the industry because the customers spoke, and they were listened to. MTN’s hope is that the reduction in the tax will bring back mobile money customers who had been discouraged from using the service due to the high cost of the tax.
We believe that mobile money has greatly accelerated financial inclusion by overcoming access to money barriers. It also further promotes business, trade, and commerce especially within the informal sectors of the economy and rural, hard to reach parts of Uganda which have no access to formal financial services.
Author Profile
- Uganda's First online News Paper. "More than Just News" Investigative, Informative, without Fear or Favor
Latest entries
Featured2022.12.26State Takes over Former Head of Public Service and Secretary to Cabinet, Late John Mitala`s Sendoff Arrangements
Entertainment2022.12.08Dull 2022 Music Year for Uganda: Bubble Gum Stuff, Binyanya Mixes as Azawi, Gravity and Lutalo Close the Year on a High
Featured2022.11.30Bossa-Less Gaddafi: Play Caught Gaddafi FC’s Coach Wasswa Bossa in the Foul Lane, before he was Suspended and Fined Too
Business2022.11.30NWSC @50: Sheikh Mubajje, Eng. Badru Kiggundu Lead Thanks Giving Prayers to Commemorate the Golden Jubilee
