• Contact Us
  • About Us
  • Advertise
  • Donate
  • Login
Watchdog Uganda
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News
No Result
View All Result
Watchdog Uganda
No Result
View All Result

Government plans to introduce tax on bank cash withdrawals

Stephen Kalema by Stephen Kalema
4 years ago
in National, News
7 0
ShareTweetSendShare

The government of Uganda through the Ministry of Finance, is considering the possibility of introducing a tax on bank cash withdrawals.

The new taxation measure that would affect all persons who utilise the banking sector is in the offing.

According to Patrick Ocailip, the deputy secretary to the treasury in the Ministry of Finance, currently Mobile Money withdrawals are subject to 0.5% excise duty but on the counter, agency banking and ATM withdrawals in commercial banks are not subjected to the same tax.

Mr Ocailip noted that in case the tax becomes operational, it would encourage cashless transactions, promote e-commerce, improve  tax compliance in addition to raising revenue.

“Following our budget consultative meeting held on February 5, 2021 Ministry, attended by officials from Uganda Communications Commission, Uganda Revenue Authority, Telecom Operators and Bank of Uganda, it was proposed that we explore taxation of cash withdrawals from commercial banks. Currently, Mobile Money withdrawals are subject to 0.5% excise duty but on the counter, agency banking and ATM withdrawals in commercial banks are not subjected to the same tax. It is note-worthy that this would encourage cashless transactions,promote e-commerce, improve tax compliance in addition to raising revenue,” Ocailap said in a letter dated February 9.

“We, therefore, wish to seek your opinion on the proposal and also request you to avail us with data on all categories of withdrawals for our further review and determination. We require tis date for the past three financial years.”

 


Do you have a story in your community or an opinion to share with us: Email us at editorial@watchdoguganda.com
Share1Tweet1SendShare

Related Posts

News

Reason Over Regulation: President Yoweri Museveni Urges Ugandans to Embrace Science and Reason in Natural Resources Management

8th July 2025 at 09:15
Sudhir Ruparelia is the undisputed king of Kampala
Business

Why Sudhir Ruparelia is Ahead of John Bosco Muwonge in the Class of Billionaires

8th July 2025 at 00:42
Community News

Youths back Museveni: Ivan Muluga leads Kaliro youth league to endorse President for 2026-2031

7th July 2025 at 23:01
Next Post
Pastor Bugingo with lover Susan Makula

Love-struck Pastor Bugingo buys knicker for girlfriend Makula after being promised that she will wear it in his presence 

  • Prostitution in Uganda- Courtesy Photo

    10 dangerous hotspots known for prostitutes in Kampala

    1118 shares
    Share 447 Tweet 280
  • Silent Billionaire Bosco Muwonge Buys Mukwano Arcade at UGX 250 Billion Cash Down

    44 shares
    Share 18 Tweet 11
  • LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

    2287 shares
    Share 915 Tweet 572
  • Who is Bosco Muwonge, Uganda’s elusive real estate billionaire?

    29 shares
    Share 12 Tweet 7
  • Uganda’s Billionaires 2025: Once Again Sudhir Ruparelia Leads a Resilient Pack

    46 shares
    Share 18 Tweet 12
Facebook Twitter

Contact Information

Watchdog Uganda is a portal for solution journalism, trending news plus cutting edge commentaries in the fields of politics, security, business, tourism, entertainment, technology, agriculture, climate change, environment, public health et al. We also give preference to Ugandan community news and topical discussions. The portal also publishes community news and topical discussions.

Email: editorial@watchdoguganda.com
To Advertise:Click here

Latest News

Reason Over Regulation: President Yoweri Museveni Urges Ugandans to Embrace Science and Reason in Natural Resources Management

8th July 2025 at 09:15
Sudhir Ruparelia is the undisputed king of Kampala

Why Sudhir Ruparelia is Ahead of John Bosco Muwonge in the Class of Billionaires

8th July 2025 at 00:42

Check out

  • Trending
  • Comments
  • Latest
Minister Muruli Mukasa

LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

24th May 2020 at 10:45
Pregnant woman

Shock as 17-year old boy impregnates his two sisters during Covid-19 lockdown 

17th June 2020 at 08:17
Sudhir Ruparelia is the undisputed king of Kampala

Billionaire Sudhir’s wisdom on how to invest in real estate

0

How a boy’s destiny turned from cotton grower to communications guru

0

Reason Over Regulation: President Yoweri Museveni Urges Ugandans to Embrace Science and Reason in Natural Resources Management

8th July 2025 at 09:15
Sudhir Ruparelia is the undisputed king of Kampala

Why Sudhir Ruparelia is Ahead of John Bosco Muwonge in the Class of Billionaires

8th July 2025 at 00:42

© 2025 Watchdog Uganda

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News

© 2025 Watchdog Uganda