KPMG criticized the timing of the 0.5 percent cybersecurity levy by the federal government, citing it as ill-timed given the current economic challenges.
The firm emphasized that higher taxes do not lead to sustainable growth and warned against the unintended consequences of the policy.
While acknowledging the importance of funding cybersecurity initiatives, KPMG stressed that consideration must be given to the country’s economic conditions.
KPMG highlighted the need for transparency and accountability in the administration of the levy, urging practical measures to ensure these principles are upheld.
The firm raised concerns about the potential impact on financial inclusion and suggested that the government reconsider delaying the implementation of the levy.
KPMG recommended focusing on tax reforms to address revenue leakages and urged gradual implementation to minimize shocks to the economy.