FG Set to Implement Waivers on VAT, Stamp Duties in Capital Market 

The are strong indications that the federal government is set to implement tax waivers and incentives approved by President Goodluck Jonathan to boost capital market activities in 2012. Jonathan had,   through the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, announced forbearance for some stockbroking firms and abolished stamp duties and VAT payment on secondary market transactions as part of efforts to revive the Nigerian capital market. However, while the forbearance for stockbrokers was implemented last year, the payment of stamp duties and VAT on secondary market transactions continues. The Director General of the Securities and Exchange Commission (SEC), Ms. Arunma Oteh had last year explained that the delay was due to non-gazetting of the approval.She had explained that the process involves the Ministry of   Finance, Ministry of Justice and Federal Inland Revenue Service (FIRS), adding that the number of agencies involved was also an issue.

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