Rashmi Pillai, the Executive Director of the Financial Sector Deepening Uganda (FSDU), told a meeting at Kampala Serena on Wednesday that it was not enough for all people to have just bank accounts, access to mobile money and other financial services. Financial inclusion must reflect a positive change in their lives.
This is what dominated the World Savings Day, an event created to increase public awareness of the importance of savings both for individuals and modern economies. Marked annually on October 31, the day was earmarked since 1924 to promote savings and educate families, children and society on the importance of saving.
Abuka noted that although placing a charge on mobile money withdrawals would increase revenue, the tax is inefficient, uncertain and complex. He explained that the mobile money levy goes against tax policy
As the debate on the new Shilling 200 per day Over the Top OTT commonly known as social media tax and one percent tax on mobile money rages on, Uganda Radio Network traces back the debate by Members of the Tenth Parliament, in which they handled the two taxes. Uganda Radio Network revisits the debate on the taxes and brings you the details of who said what.
A new study by Economic Policy Research Centre EPRC found that an average of 18 billion Shillings is transferred through mobile money each day, mostly in small amounts averaging just over 70,000 Shillings.