Bill to reduce tax on mobile money to be tabled on Thursday

The finance ministry has confirmed that it will on Thursday 19th July 2018 present on the floor of parliament an excise duty amendment bill 2018 that will among other things see tax on mobile money transactions reduce from 1% to 0.5%.

Briefing journalists at the Uganda media center about the resolutions made by cabinet yesterday, the State Minister of Finance for Planning David Bahati observed that the 0.5% tax shall be charged on only withdraws.

Bahati said government estimates to collect Shs118 billion as revenue from the new charge a figure that is above what government had earlier expected to earn from the 1%.

He meanwhile says government has maintained the Shs 200 over the Top tax on social media adding that they are now formulating better modalities of paying this tax with the telecom companies.