• Latest
  • Trending
Government Moves To Tax Cash Withdrawals From Banks

Government Moves To Tax Cash Withdrawals From Banks

February 11, 2021
When are you giving birth- Full-Figure questions Spice Diana.

When are you giving birth- Full-Figure questions Spice Diana.

March 3, 2021
Let the President select our leader- Bebe Cool speaks out.

Let the President select our leader- Bebe Cool speaks out.

March 3, 2021
RUGBY: KOBS Unveil  New Signings As They Look To Dethrone Heathens

RUGBY: KOBS Unveil New Signings As They Look To Dethrone Heathens

March 3, 2021
NARO Mourns Prof. Joseph Mukiibi

NARO Mourns Prof. Joseph Mukiibi

March 3, 2021
Fik Fameica Bags JESA Deal

Fik Fameica Bags JESA Deal

February 28, 2021
Uganda National  Meteorological Authority Clarifies On Friday Morning’s Fog

Uganda National Meteorological Authority Clarifies On Friday Morning’s Fog

February 26, 2021
Thierry Henry Quits Montreal Impact

Thierry Henry Quits Montreal Impact

February 25, 2021
Auto Draft

Mayambala Seeks To Inherit Bobi Wine Petition

February 25, 2021
Spotify Launches In Uganda

Spotify Launches In Uganda

February 24, 2021

Kyagulanyi Withdraws Election Petition

February 23, 2021

Police Fall In Kitende As Asan Kansigye Runs Rampage On Twitter

February 20, 2021
Life Behind The Gates Of Safety

Life Behind The Gates Of Safety

February 24, 2021
Mambo News
Thursday, March 4, 2021
  • Home
  • News
  • Business
  • Tech
  • Health
  • Lifestyle
  • Entertainment
  • Sports
  • Opinion
  • Jobs
No Result
View All Result
Mambo News
No Result
View All Result

Government Moves To Tax Cash Withdrawals From Banks

by Timothy Waniaye Christian
February 11, 2021
in Business, Current Affairs, News
0

In it’s plan to increase revenue collection on all fronts, the government of Uganda is brewing a plan to consider taxing money withdrawals from commercial banks according to news reaching our desk.

“Following our budget consultative meeting held on February 5th, 2021, at this ministry [of Finance] attended by officials from Uganda Communications Commission, Ugandan Revenue Authority, Telecom Operators and Bank of Uganda, it was proposed that we explore taxation of cash withdrawals, from commercial banks,” the February 9th letter written by the deputy secretary to the treasury, Patrick Ocailip, to the Governor, Bank of Uganda, read in part.

YOU MAY ALSO LIKE

NARO Mourns Prof. Joseph Mukiibi

Uganda National Meteorological Authority Clarifies On Friday Morning’s Fog

The official’s reasoning for this proposal is that since mobile money withdrawals are subject to 0.5% excise duty, agency banking and ATM withdrawals in commercial banks should also follow suit.

Furthermore, the letter seeks for the Governor’s opinion on the proposal and requests his office to avail the Ministry of Finance, Planning & Economic Development with data on all categories of withdrawals for further review and determination.

The government dreams that should this proposal be taken up, cashless transactions will be encouraged in an economy where 75% of payments are still made through cash according to the Bank of Uganda which is on a drive to transform Uganda into a cashless economy. Other pros of this move include promotion of e-commerce and improvement of tax compliance hence raising revenue.

The government, however, has an uphill task in convincing Ugandans to accept this proposal as they have already taken their discontentment to the various social media platforms since this letter leaked on Wednesday night. It should be remembered that the government adopted the infamous mobile money tax, and Over The Top (OTT) tax in 2018 despite cries and demonstrations by Ugandans and the opposition.

ShareTweetPin

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search

No Result
View All Result

Recent News

When are you giving birth- Full-Figure questions Spice Diana.

When are you giving birth- Full-Figure questions Spice Diana.

March 3, 2021
Let the President select our leader- Bebe Cool speaks out.

Let the President select our leader- Bebe Cool speaks out.

March 3, 2021
RUGBY: KOBS Unveil  New Signings As They Look To Dethrone Heathens

RUGBY: KOBS Unveil New Signings As They Look To Dethrone Heathens

March 3, 2021

About Us

Picture this; The taste of fresh ground coffee in the morning, a plate of scrambled eggs with bacon on the side and a glass of juice and fruit to top it all off… The perfect balance to start your day.

Content is second only to breathing at Mambo news, and we package it balanced as a diet.

Recent News

  • When are you giving birth- Full-Figure questions Spice Diana.
  • Let the President select our leader- Bebe Cool speaks out.
  • RUGBY: KOBS Unveil New Signings As They Look To Dethrone Heathens
  • Home
  • News
  • Business
  • Tech
  • Health
  • Lifestyle
  • Entertainment
  • Sports
  • Opinion
  • Jobs

© 2020 Mambo News Designed By Solution To Computer Problems

No Result
View All Result
  • Home
  • News
  • Business
  • Tech
  • Health
  • Lifestyle
  • Entertainment
  • Sports
  • Opinion
  • Jobs

© 2020 Mambo News Designed By Solution To Computer Problems