Wednesday
October 9
2019

Malawi Scraps 1% Withholding Tax on Mobile-Money Transactions

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)

Categories
Finance
Tags
emerging markets, fintech, mobile money, mobile phones, taxes