The Centre for the Promotion of Private Enterprise, (CPPE) has stated that numerous taxes imposed by federal, state, and local governments in Nigeria are impeding the capacity of businesses to drive economic growth.
CEO of the CPPE, Dr. Muda Yusuf stated this in a statement while reacting to the newly introduced cybersecurity levy, noting that the new 0.5 per cent levy on banking transactions in its present form will cause hardship on citizens and a burden on investors.
The Central Bank of Nigeria (CBN) on Monday May 6, mandated banks and other payment service providers to begin deducting 0.5 per cent of the total value of electronic transactions and remit to the National Cybersecurity Fund to be managed by the Office of the National Security Adviser (ONSA).
The apex bank noted that the policy is part of the implementation of the recently passed Cybercrime, (Prohibition and Prevention etc.) Act of 2024.
Apart from that, firms are battling with numerous taxes and levies which hurt their bottom lines and their capacity to expand or create jobs.
Reacting in the statement, Dr. Yusuf stated that businesses and investors are already saddled with numerous taxes ranging from education tax, value added tax (VAT), company income tax (CIT), stamp duty, NITDA, Police Trust Fund, among others, coupled with NYSC levy and tertiary health levy that are still in the pipeline.
He noted that the new levy contradicts the position of the Presidential Committee on Fiscal Policy and Tax Reforms, which aims to streamline taxes for a better business environment.
