The introduction of yet another tax, in the form of Cybersecurity Levy, on Nigerians who are already suffering severe economic distress is further proof that the government is more interested in milking a dying economy instead of nurturing it to recovery and growth.
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.
The imposition of a Cybersecurity Levy on bank transactions is particularly sad given that the tax is on the trading capital of businesses and not on their profit hence will further erode whatever is left of their remaining capital, after the impact of the Naira devaluation and high inflation rate.
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. At a time when the government should be reducing taxes to curb inflation, the government is instead introducing new taxes. And when did the office of the NSA become a revenue collecting centre?
And why should that purely national security office receive returns on a specific tax as stated in the new cybersecurity law? -PO
What is the Dollar to Naira Exchange rate at the black market also known as…
Son of Bishop David Oyedepo, founder of Living Faith Church, Isaac, has confessed to struggling…
Lauretta Onochie, a former Media Aide to ex-President Muhammadu Buhari, has stated that the reelection…
JERUSALEM (AP) — Israeli Prime Minister Benjamin Netanyahu is under mounting pressure from his own War Cabinet…
Nigerian media personality Daddy Freeze has reacted to clergyman, Pastor Paul Enenche shocking revelation on the…
Governor Sim Fubara of Rivers State has declared that his administration has recorded giant strides…