Taxing bank withdrawals will be harmful to economy - BoU : c

Taxing bank withdrawals will be harmful to economy - BoU   
Friday February 12 2021
It is not yet clear how government will seek to go about this but sources within the Ministry of Finance say there is a proposal to introduce a 0.5 per cent levy on each bank cash withdrawal. PHOTO | FILE
Advertisement
Taxing cash withdrawals from banks will be detrimental to the economy, Bank of Uganda has said. 
This comes in the wake of a February 9 letter in which government is seeking guidance on a proposal imposing a tax on bank withdrawals. 
In a response to emailed questions yesterday, Dr Adam Mugume, the Bank of Uganda (BoU) executive director research, told Daily Monitor  the proposed move will negatively impact deposits and penetration, which continues to be below average. 

Related Keywords

Makerere , Kampala , Uganda , Doris Akol , Ramathan Ggoobi , Patrick Ocailap , Dorothy Nakaweesi , Peter Kawumi , Adam Mugume , Christine Kasemiire , Richard Yego , Makerere University Business School , Agent Banking Company Of Uganda , Uganda Revenue Authority , Financial Technology Service Providers Association Of Uganda , Central Bank , Uganda Communications Commission , Daily Monitor , Automated Teller Machines , Finance Ministry , Agent Banking Company , Excise Duty , Pay As You Earn , General Doris Akol , Taxing Bank Withdrawals , Harmful To Economy Bou , Mugume , Mr Patrick Ocailap , கம்பாலா , உகந்த , உகந்த வருவாய் அதிகாரம் , நிதி தொழில்நுட்பம் சேவை வழங்குநர்கள் சங்கம் ஆஃப் உகந்த , மைய வங்கி , உகந்த தகவல்தொடர்புகள் தரகு , தினசரி மானிட்டர் , தானியங்கி சொல்பவர் இயந்திரங்கள் , நிதி அமைச்சகம் , கலால் கடமை , செலுத்த என நீங்கள் சம்பாதி ,