Some categories of electronic transactions are excluded from the cybersecurity tax introduced by the Central Bank of Nigeria (CBN).
On Monday, the financial regulator, via a circular with reference number PSM/DIR/PUB/LAB/017/004, directed all banks and other financial institutions to begin to deduct 0.5 percent charges from electronic transactions effective two weeks after the publication.
The 16 transactions that are free from the tax are listed here:
The list of electronic transactions excluded from the tax.
Many Nigerians have tagged the policy as insensitive to the current economic plights of the population resulting from fuel subsidy removal, the floating of the naira and its consequences on the prices of goods and services.
In a bid to legally challenge the CBN’s policy, the Socio-Economic Rights Accountability Project (SERAP) has indicated its willingness to file a suit in the coming days.
Once the tax is charged from transactions, it will then be pooled together into a CBN account accessible to the Office of the National Security Adviser (ONSA).
Related posts:
Man Dies after Snake bite in Delta
Inmate seizes warder’s rifle, kills vulcaniser in Kwara
Iron Lung man, Paul Alexander, dies at 78 after spending 70 years living inside Iron tank
Tony Elumelu Foundation Set to Announce 2024 Cohort of its Flagship Entrepreneurship Programme
Newly wedded wife Bathes her Husband with Hot water for Stopping her from Calling men
FG threatens to arrest fake degree holders