The permanent secretary in the Ministry of Finance, Planning and Economic Development, Ramadhan Ggoobi has assured Ugandans in the diaspora that the government has no intention of taking over or even taxing unclaimed balances in bank accounts or mobile money accounts.
Ggoobi was addressing members of Ugandan North America Association (UNAA) about misleading media reports that the government plans to tax depositors idle cash on dormant bank accounts under the National Payment System Act.
“Rumours that money is needed by the government to pay its debt are false. The government is among the few Sub-Saharan Africa Countries with a sustainable debt portfolio,” he said.
Ggoobi encouraged Ugandans in the diaspora to come and invest at home and take advantage of available opportunities.
He explained that the legal framework which manages the financial system was designed to protect owners of money.