Financial experts warn against double taxation

By Prossy Kisakye

Financial experts say government cannot double tax Ugandans withdrawing money from banking financial institutions.

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 .

Written by Noelyn Nassuuna