Reorganized Mobile Money Tax To Be Implemented Today

Posted by: lukwago J in Uganda news November 16, 2018

The mobile money tax that’s supposed to reduce the initial 1% to 0.5% is to be implemented today Friday 16/ November/ 2018, according to the state minister for finance David Bahati.

Check also: Museveni Ordered Telecom Companies To Reimburse 1% Mobile Money To Owners

President Yoweri Kaguta Museveni just of recent signed this bill into law but it wasn’t put into effect immediately by telecom companies and remained cutting 1% from their customers and this was totally unfair.

But due to mounting pressure from fellow members of parliament, the state minister for finance was called in the parliamentary to be able to explain what’s taking the bill so long to be put in place and that’s when he ascertained the situation saying the bill will be put in effect come today (Friday).

“The effectiveness of the bill will start Friday just as the president agreed to the bill as put in the constitution” minister Bahati said.

The mobile money tax was passed this year by members of parliament receiving countrywide disapproval’s since the tax just in one day had put several mobile money agents out of business for barely making a single profit from this business.

Minister David Bahati went further to say the government projects to collect shs 115 billion from the mobile money tax and the sum will help in financing next year’s budget.

The president had earlier on asked Telecom companies to refund customers who had been deducted the 1% which he called a mistake.

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