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Government Approves Reduction Of Mobile Money Transaction Tax

Cabinet has finally approved revision of the Exercise Duty Act 2015 which will see Mobile Money transaction tax lowered from 1 percent to 0.5 percent  on withdraws specifically. The committee of senior ministers however maintained the OTT tax and optimistic to only review the payment.

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It’s already good news for all those that use mobile money because the 0.5 percent reduction has been confirmed by the government and of which is to be effected on withdraws only.

While speaking to the journalists at the Media Center, the National guidance and ICT Minister Tumwebaze Frank declared that a specific time has been included to have exercise duty revised.

The law will observe mobile money tax reduction of 0.5 percent and the collections made promptly to help balance the budget for 2018/2019 financial year, according to Nile Post.

The government is expected to make a collection of Shs118 billion in mobile money tax on withdraws alone.

Tax on Over the Top Tax ( OTT ) or social media tax of two hundred shillings per day has however been maintained by the Cabinet, but promises to make an improvement on payment options with Telecommunication companies.

Since the revenues are meant to facilitate on managing the budget, so many Ugandans have insisted on using VPN applications which is affecting collections.

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