As we approach the closure of the 2018/2019 financial year, the mobile money business operators revealed that it was a tough period due to the three-fold taxation loaded on the business.
The taxes heaped on the mobile money business in the 2018-2019 financial year include withdrawing transaction tax, raising the agent income tax from 6% to 10% and the telecom companies’ tax raised from 10% to 15%.
According to the Muliis Everison the chairman of the mobile money associations the sector was hit hard as many deserted the mobile money business, it declined by 30%. He further revealed that however much, many traders quit business, the government equally lost a lot of revenue.
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