Malawi Scraps 1% Withholding Tax on Mobile-Money Transactions
Wednesday, October 9, 2019
By Frank Jomo
Malawi abandoned plans to introduce a 1% withholding tax on mobile-money transactions after criticism from the country’s main operator, lawmakers and a consumer-rights organization.
Finance Minister Joseph Mwanamvekha, who proposed the proposed levy in his budget speech last month, told lawmakers Monday the government will now seek to introduce a 20% withholding tax on interest earned by trust funds that mobile companies set up to finance social programs.
Photo courtesy of ICT4D.at.
Source: Bloomberg (link opens in a new window)