THE EFFECT OF ADAPTING CYBER SECURITY TAX IN NIGERIA AS A MEANS OF REVENUE GENERATION
Abstract
ABSTRACT
This study investigates the effect of cyber security tax in Nigeria as a means of revenue generation, the special objectives are Analyze the current state of cybercrime on revenue generation in Nigeria, evaluate the potential of a cyber security tax in generating revenue for the government. Identify the challenges associated with implementing a cyber security tax in Nigeria. identify the opportunities associated with implementing a cyber security tax in Nigeria. and effective implementation and management of a cyber security tax in the country. The study utilized quantitative approach and survey research design, the study analyzed a revenue generation among listed firms on the Nigerian Stock Exchange for the year 2024. The analysis employed descriptive and inferential statistical techniques, and multiple regression analysis, using SPSS software. The findings reveal that, Current state of cybercrime has a significant effect on Revenue generation, cyber security tax has a significant effect on Revenue generation, challenges -cyber security tax implementation has a significant effect on the level of Revenue generation. Opportunities associated with cyber security tax implementation accounts for significant effect on the level of Revenue generation and effective implementation and management of a cyber security has a significant effect on the level of Revenue generation. In conclusion, the study underscores the importance of cyber security tax on revenue generation in Nigeria. The study recommended that federal government through Federal Inland Revenue Services should work out modalities on how to sensitize companies on the nitty-gritty of E-tax payment so as to maximize the expected positive impact of the initiative and that Federal Inland Revenue Services must ensure that the website is of good quality and accessible to all and sundry. By providing evidence-based insights, the study can guide policymakers and tax authorities in making informed decisions that can benefit the country's overall economic growth and enhance its cyber security posture.
Keywords: Cyber security, Revenue generation, Economic development and Nigeria
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