Pause on 0.5% cybersecurity Tax – Reps Tell CBN
The National House of Representatives has directed the Central Bank of Nigeria (CBN) to suspend the implementation of the 0.5 percent cybersecurity levy proposed on electronic charges.
This directive followed a motion by Kingsley Chinida, a minority leader of the house, calling for the urgent need to suspend the implementation of the levy during a plenary session on Thursday.
Chinada pointed out that there had been different interpretations of the CBN circular mandating the implementation of the levy. The lawmaker added that the different interpretations had made Nigerians apprehensive, especially amid rising costs.
The House, in response to the lawmaker’s concerns, said the levy might be implemented erroneously if the CBN didn’t address the controversies trailing the issuance of the directive.
The representatives then ordered the apex bank to withdraw its initial circular and issue a fresh and less ambiguous one.
On May 6, FIJ reported the CBN’s circular mandating all banks, payment service providers and mobile money operators to implement a 0.5 percent levy as stated in the Cybercrime Amendment Act (2024).
Per the CBN’s circular, financial institutions that do not comply are subjected to a minimum fine of two percent of their annual turnovers.
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