• 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

HAROLD KAIJA: Why Ugandans must say no to taxing Bank withdrawals

watchdog by watchdog
4 years ago
in Conversations with, Op-Ed
11 0
Harold Kaija

Harold Kaija

ShareTweetSendShare

On 9th Feb 2021 the Treasury Secretary wrote to the Governor Bank of Uganda seeking advise on how they would start taxing bank withdrawals!

If this is approved, every time you go to withdraw money, you will pay a tax.

Uganda has one of the lowest savings levels in the world leading to the low size of credit in banks.

The last BOU reports show that 17% (7,480,000) of the 44M Ugandans have bank accounts. (Remember many of the have zero balance) Of the 7.4M, 2,767,600 are the wealth people.
Young people are 6% (448,800) have bank accounts!!

64% (4,787, 200) say they keep Bank Accounts in order to save this money.

The report showed that 92% Ugandans dont have bank accounts because they dont have sufficient funds. This can be collaborated by the BOU report of 2019 which showed that 40% almost a half of the Uganda population spend a month without holding money.

Taxing withdraws will only severe the saving culture and affect the amount of credit available for banks to lend to potential business persons and investors. This will also lead to increase in interest rates which will in turn lead to increase in the cost of capital and doing business. In the long run, the economy will be faced with hyper inflation.

If government wants to manage its Bill, it should reduce on the cost of public administration. E.g. before nomination, government introduced 54 more constituencies.

We all know the cost of one MP, a 200M car, monthly pay on average 25M which is 300M per year and 1.5bn at the end of the 5yr term. The 54 will take 10.8bn for cars allowance and 81bn for salary at the end of the 5yrs. Remember this is sitting allowances.

EC increased the number of councillors in the city to about 500 all must be facilitated. This was done allover the country with 147 district chairs, DISO, CAOs, over 10,000 councillors and sub county chairs in thousands.

Reducing public admin expenditure will avail more funds to spend on the development expenditure/projects and reduce pressure on the tax payers.

This TAX must be stop because it’s a double tax. One pays PAYEE on their salary, their is an already available tax on ATM withdraws. After withdraw one pays taxes on every item they go to purchase.

This tax will make people run to pick their money from the banks and keep it home.

Mr. Government, the tax burden is too high on our people yet many of us don’t feel government at home.


Do you have a story in your community or an opinion to share with us: Email us at editorial@watchdoguganda.com
Share2Tweet1SendShare

Related Posts

Op-Ed

AKANSASIRA JUNIOR VICTOR: GEN. MUSEVENI’S GUIDANCE ON THE BALAALO ISSUE IS A GENERATIONAL CALL TO DISCIPLINE, PATRIOTISM, AND ORDER

10th July 2025 at 11:20
Dr. Ayub Mukisa (Ph.D.)
Conversations with

Dr. Ayub Mukisa: Does Karamoja need “wealth creation” or “value addition” on the already available wealth?

10th July 2025 at 10:07
Joshua Kato
Business

JOSHUA KATO: Tax Amnesty re-introduced – A timely opportunity for businesses

10th July 2025 at 09:47
Next Post
George Kintu

Museveni’s aides who stole elections cash seek amnesty

  • Prostitution in Uganda- Courtesy Photo

    10 dangerous hotspots known for prostitutes in Kampala

    1125 shares
    Share 450 Tweet 281
  • Silent Billionaire Bosco Muwonge Buys Mukwano Arcade at UGX 250 Billion Cash Down

    49 shares
    Share 20 Tweet 12
  • Who is Bosco Muwonge, Uganda’s elusive real estate billionaire?

    36 shares
    Share 14 Tweet 9
  • LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

    2289 shares
    Share 916 Tweet 572
  • Uganda’s Billionaires 2025: Once Again Sudhir Ruparelia Leads a Resilient Pack

    48 shares
    Share 19 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

Truth Revealed: Jinja City Council Clarifies On Shs4.2 Billion Return To Treasury 

10th July 2025 at 19:35
Mashable is a global, multi-platform media and entertainment company For more queries and news contact us on this Email: info@mashablepartners.com

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

Truth Revealed: Jinja City Council Clarifies On Shs4.2 Billion Return To Treasury 

10th July 2025 at 19:35
NUP leaders

NUP’s Pragmatic Pivot: Sending a Bipartisan Treasurer to IPOD

10th July 2025 at 19:29

© 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