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Nairaland Forum / Nairaland / General / Politics / What 0.5% CBN Cyber Security Levy Means (2504 Views)
Let’s Calculate 0.5% Cyber Security Levy / Cyber Security Levy: Peter Obi's 2021 Tweet On Taxation Trends / Bayo Onanuga Deletes Twitter Post On Cyber Security Levy After He Made Blunder (2) (3) (4)
What 0.5% CBN Cyber Security Levy Means by Kingsmeal: 9:27am On May 07 |
What the new levy means is if you do 1million naira transfer, the bank will charge you an extra 5,000 naira to be sent to the NSA office for “cybersecurity”. And if you send 2million, bank will charge you extra 10,000 naira. If you transfer 1 million naira two times in a week, you will be charged #10,000 for cyber security levy. It’s crazy at this point. This is mass financial strangulation. This Lucifer Govt has offered the masses nothing, all it has been doing is to take and take from everyone. 17 Likes 1 Share |
Re: What 0.5% CBN Cyber Security Levy Means by Kingsmeal: 9:27am On May 07 |
From Emefiele to Cardoso, APC remains the same. Multiple taxation. For every transaction you initiate, you must pay. Electronic levy Stamp duty levy, Account maintenance levy, VAT, cybersecurity levy. Next? Next? Next? Multiple multiple taxation. I have never seen any country in the world, whose government imposes multiple taxation on her citizens via banking like Nigeria. Well, Bad government must consume us all. Both the foolish supporters and the sincere opposers. Dem no dey telly person dat one. 8 Likes |
Re: What 0.5% CBN Cyber Security Levy Means by Zulu11zulu: 9:42am On May 07 |
I never see mumu people like Nigeria you guys just swallow anything this government trow on you from buhari to tinubu na mumu una be. So you can't go to the streets and stop this madness though not my business if you like one day you will pay before you go to bed with your wife. 10 Likes |
Re: What 0.5% CBN Cyber Security Levy Means by Beautifulday: 10:03am On May 07 |
how much person dey make? People just dey work for government. 5 Likes |
Re: What 0.5% CBN Cyber Security Levy Means by ambale(m): 10:04am On May 07 |
We would only complain and pray to God on Sunday to ease our affairs Next tax please 😂 13 Likes 1 Share |
Re: What 0.5% CBN Cyber Security Levy Means by Iamanoited: 10:06am On May 07 |
Now better explained. It means "LEVY THE TRANSFERORS NOT THE TRANSFEREES". IT IS JUST LIKE VAT COLLECTED FROM THE BANKS. THE LEVY SHOULD BE 7.5%-10% NOT 0.5%. 1 Like |
Re: What 0.5% CBN Cyber Security Levy Means by Rexymania(m): 10:11am On May 07 |
This is crazy....what if I transfer 20k? |
Re: What 0.5% CBN Cyber Security Levy Means by Nwaokunkpara: 11:21am On May 07 |
Margaret Thatcher perfectly described NIGERIANS She said if you push Nigerians to the wall, instead of to react they will create a hole in the wall to feel comfortable in 8 Likes |
Re: What 0.5% CBN Cyber Security Levy Means by seunmsg(m): 11:26am On May 07 |
It is 0.005% and not 0.5%. Stop misinforming the public. The above notwithstanding, I think the law is absolutely unnecessary and insensitive at this point in time. It should be repealed immediately. 22 Likes |
Re: What 0.5% CBN Cyber Security Levy Means by fergie001: 11:30am On May 07 |
seunmsg:It is 0.5%. Mathematically, 0.005.... it's one and same. Rexymania:Take out the last two zeros...... It becomes 200 naira, divide by 2.... You are paying 100 naira levy. 6 Likes |
Re: What 0.5% CBN Cyber Security Levy Means by seunmsg(m): 11:32am On May 07 |
fergie001: Na, 0.5% and 0.005% can never be the same mathematically. 22 Likes |
Re: What 0.5% CBN Cyber Security Levy Means by fergie001: 11:33am On May 07 |
seunmsg:What I mean is 0.5% and 0.005 are mathematically the same. The levy is 0.5% (or 0.005) 3 Likes 1 Share |
Re: What 0.5% CBN Cyber Security Levy Means by seunmsg(m): 11:37am On May 07 |
fergie001: The levy is 0.005 without the act adding %. There is no where in the act where the levy was said to be 0.5%. If the law say 0.005 is the levy, it should not be misinterpreted to mean 0.5%. The only reasonable interpretation is 0.005%. 20 Likes
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Re: What 0.5% CBN Cyber Security Levy Means by magoo10(m): 11:39am On May 07 |
They have come again 2,000,000 to pay 10k How much is the profit to be made kwanu. 1 Like 1 Share |
Re: What 0.5% CBN Cyber Security Levy Means by EmeeNaka: 11:41am On May 07 |
Statisense and statidiots |
Re: What 0.5% CBN Cyber Security Levy Means by fergie001: 11:42am On May 07 |
seunmsg:The image is the CyberCrimes Act 2015 signed by Goodluck Jonathan on Friday May 15, 2015. This same Act was amended this year by the Akpabio-led Senate and christened CyberCrimes Act 2024. The specific amendment was in Section 44 and subsection 2 states 0.5% (or 0.005). Section 44(2)a now reads verbatim: a levy of 0.5% (0.005) equivalent to a half percent of all electronic transactions value by the business specified in the second Schedule of the Act, is to be remitted to the National CyberSecurity Fund (CSF) which shall be administered by the Office of the National Security Adviser (ONSA). 6 Likes 1 Share |
Re: What 0.5% CBN Cyber Security Levy Means by TheOldGods: 11:42am On May 07 |
Zulu11zulu:though, not your business, speaks more of the kind of cowards we have in this country. It's not your business, but you want others to go outside and protest on your behalf why you benefit from it. After all, there are no name exemptions to the people who the charges won't affect. If you transfer such amount, you will still pay it, if it doesn't affect you, it will affect your mum, grand mum, dad, cousin, brother, girlfriend whoever it is. 2 Likes |
Re: What 0.5% CBN Cyber Security Levy Means by ThierryJay: 11:44am On May 07 |
seunmsg: This creates a lacuna that gives room for lots of legal wrangling. Maybe a clarification from CBN will be in order. |
Re: What 0.5% CBN Cyber Security Levy Means by fergie001: 11:49am On May 07 |
ThierryJay:No lacuna at all.. It was the interpretation when it was signed by GEJ that halted implementation until the new amendment this year. 2 Likes 1 Share |
Re: What 0.5% CBN Cyber Security Levy Means by seunmsg(m): 11:51am On May 07 |
fergie001: I think this clarifies it. I am not aware of the amendment. It is a very useless rent seeking law that should be repealed. 13 Likes |
Re: What 0.5% CBN Cyber Security Levy Means by ThierryJay: 11:53am On May 07 |
fergie001: So from the letter of the amended Act, is it 0.5% or 0.005%? Modified: just saw your response to seu.nmsg. Thanks for clarifying. It's way too excessive though. |
Re: What 0.5% CBN Cyber Security Levy Means by fergie001: 11:54am On May 07 |
seunmsg:It was done this year. 1 Like |
Re: What 0.5% CBN Cyber Security Levy Means by nedu666: 12:08pm On May 07 |
My bank manager said it's half of 1% which is 0.5. |
Re: What 0.5% CBN Cyber Security Levy Means by nedu666: 12:08pm On May 07 |
ThierryJay: So is it 0.5 or 0.05 |
Re: What 0.5% CBN Cyber Security Levy Means by Usmanovic95(m): 12:11pm On May 07 |
Adupe Lori 0.5% CBN cyber security levy,olorun gba ope wa. Na wetin we Kuku Sabi pass be this. |
Re: What 0.5% CBN Cyber Security Levy Means by AcadaWriter: 12:13pm On May 07 |
It dosen't mean much it's just an Avenue to steal. |
Re: What 0.5% CBN Cyber Security Levy Means by Joshy4u: 12:19pm On May 07 |
nedu666: 0.5% is same as 0.005. So all you need for easy calculation is 0.005 × any amount 2 Likes |
Re: What 0.5% CBN Cyber Security Levy Means by Rexymania(m): 12:20pm On May 07 |
fergie001: That's huge, exactly what pos agents are collecting 1 Like |
Re: What 0.5% CBN Cyber Security Levy Means by Ojemedad: 12:29pm On May 07 |
Life goes on Wizkid is better than davido, Ronaldois better than messi, Nigeria yoot how fa? |
Re: What 0.5% CBN Cyber Security Levy Means by beejaay: 12:33pm On May 07 |
seunmsg:You definitely don't even a simple math.. No wonder u dey support apc.. 0.005 of anything is the same as saying 0.5% of anything.. Una get sense so?? 4 Likes 1 Share |
Re: What 0.5% CBN Cyber Security Levy Means by beejaay: 12:34pm On May 07 |
ThierryJay:There is no lacuna there.. 0.005 is the same as 0.5%.. 0.005 of 1000 is the same as saying 0.005*1000 or 0.5%*1000 2 Likes 1 Share |
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