Mobile money transactions to be taxed in 2024 —Finance Minister


Finance and National Planning Minister, Situmbeko Musokotwane, has proposed to introduce tax levy on mobile money transactions.

His proposal included introducing a levy of between eight ngwee and K1.80 on the transaction value for person-to person mobile money transfers.

The Minister made this proposal on Friday during the presentation of the 2024 national budget which size is K180 billion.

“Madam Speaker, to ensure that everyone contributes something, however small, to the provision of public services, I propose to introduce a levy of between eight ngwee and K1.80 on the transaction value for person-to person mobile money transfers,” Musokotwane said.

Read more: Mobile money transactions reach K170 billion in 2022, as 2 million SIM cards eliminated

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.

Other proposed measures included, 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,” he said.

The minister also stated that the government would want to increase toll tariffs for heavy duty trucks with four axle and above by K100 and abnormal load vehicles by K300.

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