MTN Ends Tax on Mobile Money Deposits

<img alt = "Three days after the entry into force of the law, the Ministry of Finance decided to cancel the 1% tax on mobile money deposits, and the next day President Yoweri Museveni announced that the 1% tax on the sending and receiving was a mistake and would have should be 0.5%.

The announcement of MTN was made yesterday by the Ugandan tax authority, ordering telecoms to stop taxing mobile money deposits. "In the letter to the telecoms, URA Commissioner General, Doris Akol, also ordered that no tax be levied.

"The payment of taxes on mobile money platforms, including OTT Excise Duty, does not constitute a payment within the meaning of the provision," she stated

. However, it may be necessary to wait a little longer before the 0.5% tax on other mobile money services comes into effect since the Finance Ministry promised to file another tax bill in Parliament in the near future. .

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