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Following the enactment of the Cybercrime Act 2024 and under the provision of Section 44 of the Act, a levy of 0.5 per cent equivalent to a half per cent of all electronic transactions value by the business specified in the Second Schedule of the Act, is to be remitted to the National Cybersecurity Fund which the Office of the National Security Adviser shall administer.
Whether you turn to Premium Times for daily updates, in-depth investigations into pressing national issues, or entertaining trending stories, we value your readership. Speaking on penalties for non-compliance, the bank said that failure to remit the levy is an offence and is liable on conviction to a fine of not less than two per cent of the annual turnover of the defaulting business, amongst others.
Source: Tech Daily Report (techdailyreport.net)
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