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Tax levy on mobile money transactions has today Monday been activated as announced by Finance and National Planning Minister, Situmbeko Musokotwane, in his 2024 national budget presentation.
Musokotwane, on September 29, 2023, announced introduction of a levy of between eight ngwee and K1.80 on the transaction value for person-to person mobile money transfers.
He proposed the fee structure of between K1 to K150, 0.08 Ngwee, above K150 to K300, 0, 10 Ngwee, above K300 to K500, 0.20 Ngwee and above K500 to K1,000, 0.50 Ngwee.
The other range was above K1,000 to K3,000, 0.80, above K3,000 to K5,000, K1.00, above K5000 to K10,000, K1.50 and above K10,000, K1.80.
Read more: Mobile money transactions to be taxed in 2024 —Finance Minister
Other taxes which had become effective include, increasing specific excise duty on non-alcoholic beverages to 60 ngwee per litre from 30 ngwee per litre.
Musokotwane proposed an increase in specific excise duty for tobacco and tobacco products to K400 per mille from K361 per mille.
He also proposed an introduction fee of K3,750 for DNA testing under the National Forensic Science and Biometrics Department.
“I also propose an increase in the license fee for commercial Kapenta operators to K4,000.00 from K3,333.00 last revised in 2011,” Musokotwane said in his budget presentation.
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