\tMalawi scrapped plans to implement a 1 per cent withholding tax on mobile money transactions, after drawing criticism from the country\u2019s largest operator and politicians.<\/p>\n
In a letter to finance minister Joseph Mwanamvekha, Telekom Networks Malawi CEO Michiel Buitelaar warned the tax would hamper the country’s economic development and run contrary to a government aim of boosting financial inclusion, Nyasa Times reported.<\/p>\n
Mwanamvekha introduced the tax as part of the country\u2019s 2019 to 2020 budget. With the move scrapped, the minister instead plans to introduce a 20 per cent withholding tax on trust funds set up by mobile companies to fund social programmes, reported Bloomberg.<\/p>\n
The Consumers Association of Malawi slammed the proposed [1]tax last month stating it would be most devastating to the poorest members of Malawian society.<\/p>\n[1] https:\/\/www.mobileworldlive.com\/money\/news-money\/critics-attack-malawi-mobile-money-tax\/<\/p>\n","protected":false},"excerpt":{"rendered":"
Malawi scrapped plans to implement a 1 per cent withholding tax on mobile money transactions, …<\/p>\n
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