Business

M-pesa subscribers to be taxed 10% more.

mpesa
M-pesa subscribers countrywide are lamenting over the move by the Treasury,under Finance Minister Njeru Githae to tax 10% the electronic money transfer system on exercise duty.The move seeks to raise a further Sh 40 billion. Sh 25.5 billion is budgeted to finance the recent wage increase for teachers,lecturers and health workers. Sh 12.5 is required for security intervention in Somalia and the implementing of the new constitution.
KRA will get an extra Sh 4.5 billion after parliament approved ammendments to customs and Exercise Act. “There will be no increase in airtime.I want to assure all Kenyans that we shall monitor service providers so that they do not pass the burden to consumers,” Githae said. M-pesa was introduced by Safaricom early in 2007.It handles about 2m daily transactions worth 2bn shillings (R206m).M-pesa has more than 14m subscribers.

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