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MTN Welcomes Mobile Money Tax Amendment

Leading telecom company, MTN Uganda have today welcomed parliament’s decision to cut in half the excise duty that was levied this Financial Year on Mobile Money withdraws.

Parliament yesterday voted to reduce the tax from 1% to 0.5%.

While several MPs wanted the entire tax removed, the majority NRM MPs, having met with President Yoweri Museveni on Monday, voted for the 0.5% levy.

MTN officials this morning applauded the decision by parliament.

Addressing press at their offices at Nyonyi Gardens in Kampala, the company CEO Mr Vim Vanhellepette termed this as good news to the Mobile Money business especially in bringing back customers who had abandoned carrying out transaction using their phones.

“We are looking forward to having this amendment signed and gazzetted.  I think with this, most of our customers will come back,” he said.

The CEO said since early July 2018 when the 1% tax was implemented, there was a sharp drop in the number of customers using mobile money.

Mobile Money agents he said took the hardest hit, as most of their customers had resorted to physically transporting their money.

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Vim expressed optimism that in few years to come Uganda is going to have a cashless economy.

“Bosco’s story is just the beginning of the use of Mobile wallet and in 10 years to come Cash will be history in our economy,”  he said.

 

 

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