Telecommunication companies woke up to the news of an increase in the cost of money transfer services. This comes after President Uhuru Kenyatta proposed an increment in tax from 12 percent to 20 percent in mobile transfer platforms for Safaricom, Telkom, Airtel, money transfer agencies, banks and other financial institutions.
The fee charged will be more than excisable value owing to the fact that there have been a growing number of consumers using the mobile money transfer in the recent past. The move is aimed at raising further Sh25.7 billion on tax revenue for 2018/19 financial year. Read more
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