Headline : Salaries, loans, transfers: A list of 14 transactions exempt from the 0.5% cybersecurity tax

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The Central Bank of Nigeria (CBN) has instructed that all banks must impose a cybersecurity tax of 0.5% on all transactions. The levy will be used for cybersecurity efforts and infrastructure to protect electronic transactions from potential threats. 

According to the CBN circular released, the levy is set to take effect two weeks after the announcement on May 6, 2024. And, it will be administered by the Office of the National Security Adviser (ONSA), the announcement detailed.

“Following the enactment of the Cybercrime (Prohibition, Prevention, etc.) (Amendment) Act 2024 and under the provision of Section 44 (2)(a) of the Act, a levy of 0.5 per cent (0.005) equivalent to a half per cent of all electronic transactions valued by the business specified in the Second Schedule of the Act, is to be remitted to the National Cybersecurity Fund, which shall be administered by the Office of the National Security Adviser,” the circular stated.

The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration, “Cybersecurity Levy’,” it said.

Read more from the original article on here at technext24.com.

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