What 1% new tax on mobile money transactions means

Daily Monitor

Ugandan Government is proposing a new tax on mobile money transactions: 1 per cent of the value of your money every time you use your mobile money account. This means that

  • When you receive money in your mobile money account, government will tax 1 per cent of it.
  • When you deposit money on your mobile money account government will take 1 per cent of it.
  • When you withdraw the same money from your mobile money account, government will again take another 1 per cent of the same money.

This tax will always apply every time you use your mobile money account whether you are paying your child’s school fees, paying your Yaka bills, or sending money to pay your parent’s medical bills in the village.

Full article: Daily Monitor

 

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