MINISTER OF FINANCE, DR. NGOZI OKONJO-IWEALA

SAN FRANCISCO, December 03, (THEWILL) – Nigeria’s Finance Minister and Coordinator of the Economy, Dr. Ngozi Okonjo-Iweala has approved new measures aimed at reviving the Nigerian bourse, which has struggled to bounce back since its crash during the global recession in 2009.

Addressing a press conference inside her Ministry of Finance conference room in Abuja Monday, Okonjo-Iweala listed the elimination of stamp duties and VAT on stock market transaction fees amongst other measures as panacea to the struggling bourse.

“Taxes on stock exchange transactions fees are as high as 12 percent (5 percent in VAT and up to 7 percent in stamp duties) – much higher than in other jurisdictions, and these constitute a major disincentive to invest in the Nigerian capital market. I will like to announce that the Federal Government has consented to: 



“Waive the 0.075 percent stamp duties payable on stock exchange transaction fees; and,

“Exempt from VAT, commissions: (a) earned on traded values of shares, (b) payable to the Securities and Exchange Commission (SEC), and (c) payable to the Nigerian Stock Exchange (NSE) and the Central Securities Clearing System (CSCS); by including these commissions in the list of VAT-exempt goods and services,” the Minister said.

Source: http://thewillnigeria.com/business/17384.html