Nkulukusa backs Finance Minister, Musokotwane, on taxing mobile money transactions

Secretary to the Treasury, Felix Nkulukusa, has insisted that the proposal to introduce levy on mobile money is meant to broaden the tax base and not to shrink the emerging financial platform.

Nkulukusa said this during First National Bank (FNB) post budget event on Tuesday in response to stakeholders’ misgivings on the proposed introduction of mobile levy.

“This measure is not meant to punish anyone but to broaden the tax base, this is the reason we have come up with minimal charges, ” he told the audience.

Finance and National Development Minister, Situmbeko Musokotwane, on Friday during the unveiling of the 2024 budget announced the introduction of levy on mobile money transactions.

Musokotwane 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 others were as follows: 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, K1.8.

Nkulukusa said government would continue initiating interventions in various sectors of the economy to boost the participation of locals in the economy.

He said 2024 national budget would have a serious positive impact on the country if well executed.

Meanwhile, FNB Chief Financial Officer, Kampamba Mulenga, said the 2024 budget was a pro-growth blueprint which should be supported.

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