Uganda to reduce taxes on mobile banking and mobile money transactions

Uganda will reduce taxes on mobile banking and mobile money transactions to help its economy cope with the impact of COVID-19, the finance minister said in a speech presenting the budget for the 2020/21 fiscal year on Thursday.

The move accompanies other measures announced by finance minister Matia Kasaija, including providing credit to small and medium sized businesses through cooperative societies, asking banks to restructure distressed loans and clearing of arrears to government suppliers.

SOURCES: AGENCIES