Matooke Republic
Friday, July 11, 2025
  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos
  • Relationships
Matooke Republic
  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos
  • Relationships
No Result
View All Result
Matooke Republic
No Result
View All Result

Finance Minister Kasaija not aware about Gov’t plans to tax cash withdrawals from banks

William Kasoba by William Kasoba
February 11, 2021
in Business
Reading Time: 2 mins read
Share on FacebookShare on Twitter

Minister for Finance Matia Kasaija is in shock to hear that government is considering to tax cash withdrawals from commercial banks.

This follows the surfacing of a letter from Finance Ministry dated February 9 addressed to Bank of Uganda governor Emmanuel Tumusiime-Mutebile where Patrick Ocailap, the deputy secretary to the treasury on behalf of the secretary to the treasury revealed plans by the Government to collect tax revenue from all bank withdrawals in form of cash at either bank tellers or Automated Teller Machines (ATMS).

“Tax on withdrawal of money? I am hearing this for the first time. Yesterday, we were talking about tax measures and I have not seen that among the tax measures. I am hearing it for the first-time,” Kasaija said in an interview with Daily Monitor.

RELATED POSTS

Pearl Tower One: Meera Investments unveils Kampala’s landmark Grade-A office building

Equity Bank, Nation Media Group and KPMG launch 2025 Top 100 Mid-Sized companies survey to empower Uganda’s SMEs

Currently, mobile money withdrawals are subject to a 0.5 per cent excise duty while agency banking and ATM withdrawals in commercial banks are not subject to the same tax.

The government is considering taxing cash withdrawals from commercial banks as it is with mobile money in a move to increase its revenue.

The proposal to tax cash withdrawals was reached at last week in a budget consultative meeting between the finance ministry and other stakeholders such as the Uganda Revenue Authority (URA), Uganda Communications Commission (UCC), telecom operators and Bank of Uganda (BoU).

Related

Tags: Bank Of UgandaGovernment of UgandaHon. Matia KasaijaMinistry of finance
Share1Tweet1Send
William Kasoba

William Kasoba

Related Posts

Opportunity Bank dominates Agricultural Credit Awards, wins 9 of 16 top honors

by Matooke Republic
1 month ago

...

Gift Shoko, Managing Director of Equity Bank Uganda.

Equity Bank Uganda recognized as Domestic Systemically Important Bank for third consecutive year

by Matooke Republic
2 months ago

...

Dr. Michael Atingi-Ego.

Meet Dr. Michael Atingi-Ego, the newly appointed BoU Governor who has served as Deputy Governor since 2020

by Matooke Republic
5 months ago

...

Bank of Uganda Deputy Governor Michael Atingi-Ego.

Bank of Uganda denies hacking in Shs60 billion fraud scandal, explains circumstances

by Matooke Republic
7 months ago

...

Gov’t hands over Kiteezi landfill to Ghanaian investor to build a modern waste treatment and disposal facility

by Matooke Republic
9 months ago

...

Next Post

MPs query Gov’t plan to tax cash withdrawals from banks

Police unveils COVID-19 treatment centre for its officers

RECOMMENDED

Isaiah Katumwa addressing members of the press.

Johnnie Walker Green Label to Celebrate Jazz Icon Isaiah Katumwa’s 30-Year Musical Journey

July 10, 2025

Pearl Tower One: Meera Investments unveils Kampala’s landmark Grade-A office building

July 10, 2025
  • 643 Followers
  • 23.9k Followers

MOST VIEWED

  • Here is how to use NIRA’s new online portal to register or renew your national ID

    3913 shares
    Share 1565 Tweet 978
  • DNA test confirms late MP Ssegirinya was father to only 4 of 9 children presented after his death

    96 shares
    Share 38 Tweet 24
  • Kampala University proprietor Prof Kateregga’s wife rejects DNA results indicating one of three children is not his, demands fresh test in the United States

    93 shares
    Share 37 Tweet 23
  • Properties owned by late billionaire Aponye at risk of auction over Shs15 billion loan arrears

    77 shares
    Share 31 Tweet 19
  • Pastor Bugingo’s daughter Doreen Gift awarded scholarship to Arizona State University in the US

    61 shares
    Share 24 Tweet 15
Matooke Republic

Uganda's only free Newspaper. Out every Thursday. Freshly peeled info. kiwatule, Kampala, Uganda.

  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos

© Matooke Republic 2024

© Matooke Republic 2024

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.