I understand the need to fund cybersecurity efforts to thwart criminals. However, this latest levy conveniently exempts the affluent by focusing on select transactions.
Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and pursuant to the provision of Section 44 (2)(a) of the Act, “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 (NCF), which shall be administered by the Office of the National Security Advisor (ONSA). […]
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”. (Central Bank of Nigeria 🇳🇬, PDF here)
The Premium Times provides reactions from Nigerians 🇳🇬, which is unfavorable as no one wants an increase in expenses during this age of inflation we are living in.
Although I do not desire to pay extra fees when conducting transactions, I understand the levy’s necessity, even if I do not appreciate the expense.
While it is understandable that there would be exemptions to the new Levy (for charities, payroll, school, transactions within the bank, government, etcetera), one exemption did capture my attention.
SCHEDULE OF EXEMPTIONS FROM CYBERSECURITY LEVY […]
Savings and deposits including transactions involving long-term investments such as Treasury Bills, Bonds and Commercial Papers. (Central Bank of Nigeria 🇳🇬)
Usually, the affluent invest long-term in bonds & treasury bills, so its appearance here as an exception is suspicious. Like any other nation, Nigeria 🇳🇬 needs investors, but they should not cater to their interests while asking the public to increase their burden.
Nigerians 🇳🇬 are threatening lawsuits against the Cybersecurity Levy. However, I doubt the government will suspend a new source of revenue when nations seek extra cash to maintain the upkeep of their respective countries.
It is funny, in Spain if you want to legally trade your own services, say you make websites, then you have to become "autonomo" - like self-employed, and pay between 60 to 100 euros a month taxes even if you make no money as self-employed. hahaha. That after you will have to pay a lawyer some 60 more euros a month to deal with the shitload of papers and nonsense.
You know these "taxes" in theory seem like a decent idea: take a bit of money from each citizen, to then put that money into healthcare and other things that will be free for these "citizens".
In practice it is shitshow of corruption and making the rich richer. And a huge pain in the ass for everyone. I would not mind contributing 20% of my "income" to a tribe if I get free healthcare and other benefits, but only if it was made simple and you could see the effect of your contribution.
Spain seems like the capital of papers and nonsense. But the entire world is like that one way of another...
Such a wasted time on the most "unique" planet in the universe. Deal with papers, try to survive, be busy with nothing things... No thank you!
So yeah, in a trade based society is not enough to "trade", you have to do it in a particular way. And if you are poor you are entirely fucked to begin with anyway.
Billionaires don’t like Ottawa’s capital gains tax hike, but you should: It’s an overdue step toward making our tax system fairer
“We don’t think it’s fair that a teacher or electrician pays taxes on 100% of their income while a multimillionaire pays taxes on only 50%,” said Trudeau
Grr - taxes filed, but my payable has an exta $3.90 added on.
I remember seeing this last year, where it claimed I paid something late, while their own payment records showed I was many days early. To my complaints then I was told it would go away. :(
So do I bother to try and track it down and spend hours on the phone again, or do I just pay the $4 Bureaucratic Ineptitude Tax and be done with it?
I just filed my tax return and paid the amount owing too, five days before the due date.
Tax office told me they assume I probably won't pay until oh, say… (wet finger in the wind) maybe May 6. They calculate an arrears interest charge for then and add it to my tab.
On phone they asked: "Oh you didn't pay that did you? It'll just go away when we settle the account."
They pre-charge a late fee before anything is late.
Actually, US taxlaw isn't that peculiar in this aspect. Other countries have similar provisions. Why should criminal commercial activity be tax-free? OFC not. The criminal penalties come on top. 👍
In countries (e.g.those of the #EU) that have a value-added tax, the surcharge is even nicer (on top):
the gross turnover is divided by somwhere b/w 105-130%. The difference b/w the gross turnover and that value constitutes the VAT =100% additional tax. 😀 @msbellows@GottaLaff
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TATIANA SHMAYLUK Says She "Can't Find The Inspiration To Write" For JINJER's Next Album
"There’s 99 problems that I have to solve right now - taxes, personal stuff."