Obi knocks FG, CBN over cybersecurity levy

The Central Bank of Nigeria on Tuesday directed banks to commence the collection and remittance of a cybersecurity levy on electronic transactions to be administered by the Office of the National Security Adviser .

Obi argued that the Cybersecurity Levy contradicted the government’s declared intention to simplify the tax code and cut back on taxes to lessen the impact of Naira depreciation and high inflation rate on the trading capital of businesses. “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.

“It is inconceivable to expect the suffering citizens of Nigeria to separately fund all activities of the government. Policies such as this not only impoverish the citizens but make the country’s economic environment less competitive.

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