This archive report was first published on 25 July 2019.
Nigeria's stock exchange has announced plans to impose a 5% Value Added Tax (VAT) on all transactions starting July 25th, 2019.
The move comes after the expiration of the Value Added Tax (Exemption of Commissions on Stock Exchange Transactions) order 2014, which was created by former Coordinating Minister of the Economy and Minister of Finance Ngozi Okonjo-Iweala on July 25th, 2014.
The order was initially set to operate for five years as part of the Nigerian Government's policy measures to encourage investments in the Nigerian capital markets.
Despite repeated calls for an extension of the waiver by stakeholders, the Nigerian Stock Exchange has decided to proceed with the VAT charge.
