The Presidency yesterday said the cybersecurity levy was introduced to tackle cybercrimes and terrorism.It also claimed that the same levy is in place in Ghana and Rwanda.
The source said: “The Cybercrime Act 2024 is meant to protect the nation’s economy from collapse; it is not targeted at the masses. Those criticizing the Act do not have the full knowledge of the rationale behind it. He said Section 44 was designed for National Cyber Security Fund in which a levy of 0.005 of all electronic transactions b by some businesses to fight cybercrimes and terrorism.
“The management of the Cyber Security Fund has enough checks and balances to prevent abuse. This government is determined to fight cybercrime.”“ There shall be paid and credited into the Fund established under subsection of this section and domiciled in the Central Bank of Nigeria- “ The levy imposed under subsection 2 shall be remitted directly by the affected businesses or organizations into the Fund domiciled in the Central Bank within a period of 30 days.
“So many policies of this government are not only imposing hardship on the downtrodden Nigerians but also on businesses, as some of them are shutting down because of the unfriendly business environment. “This does not only amount to multiple taxation on banking transactions, which are already subject to various other taxes including stamp duties, but negates the government’s avowed commitment to reduce the number of taxes and streamline the tax system.
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