Last week, government through a letter dated 9
th February written by the deputy secretary to the treasury in the ministry of Finance, Patrick Ocailip, to the governor bank of Uganda, revealed its intention of taxing cash withdrawals from banks.
According to the authorities, this will encourage cashless transactions and promote e-commerce, improve tax compliance in addition to raising government revenue.
Now the executive director of Stanbic bank Uganda, Emma Mugisha, tells KFM that the move is not applicable since on the current withdraw charges, the banks have been deducting excise duty tax .
Stanbic Business Incubator Awards 350 SMEs Graduates
Stanbic Business Incubator holds its fifth graduation ceremony, 350 graduate from the program. 2 minutes read
In Pictorial (L-R): Samuel Adel; Country Head Mastercard Foundation Uganda, John Walugembe; Executive Director Federation of SMEs, and Tony Otoa; Executive Director Stanbic Business Incubator Limited pose for a photo after the Stanbic Business Incubator graduation ceremony in Kololo. (COURTESY PHOTO)
The Stanbic Business Incubator las week awarded 352 Small and medium-sized enterprises (SMEs) with graduation certificates in enterprise development program after a three-month completion of the training session in business management, capacity building and upskilling programmes.
Speaking at the graduation ceremony held at Kololo, Emma Mugisha, Executive Director and Head, Corporate and Investment Banking at Stanbic Bank said, “For close to three years now, it has been instrumental in enhancing the capacity for thousand