President Museveni has ordered those who have been taxed 1% on mobile money transactions to be refunded stating that the law reduced the figure to 0.5%.
“I signed the law with the error because we could not delay the other measures. However, Parliament, when it reconvenes, will be requested to correct it. The ones whose deductions had been made on the basis of 1% should have their money reimbursed,” Museveni wrote while responding to queries raised on his official Facebook page.
However, the president did not clarify how the process will be done. He further explained that the tax is necessary.
“Mobile money transfers have brought to the surface the big volumes of money that are moving around the country. Each day US$ 52m moves around in the form of mobile money. This is about US$ 19bn a year. Much of this money is by big people; but, of course, some of it is by, economics-wise, small people. Therefore, in an effort to have self-sufficiency in budget, this is a convenient source we should not over- look.”
The government slashed tax on deposits. Therefore, the 0.5% will apply to other transactions.
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