The Exchange’s Chief Executive Officer, Mr. Oscar N. Onyema, has applauded the Federal Government for implementing the elimination of VAT on stock market transaction fees. He stated that this is one of the measures announced by the Coordinating Minister for the Economy in December 2012 and it is a demonstration that the capital market is a key component of the Federal Government’s transformation agenda.
According to Mr. Onyema, investments should not be categorized as consumer goods purchases, but as a platform to promote a long term savings culture that could be channeled towards economic growth and development.
Mr. Onyema added that “the elimination of VAT on stock market transaction fees will ultimately reduce the cost of transactions for investors, and will encourage investments in the Nigerian Capital Market”.
Mr. Onyema noted that the stamp duty waiver, which was also announced in 2012 by the Honourable Minister is yet to be implemented. He expressed confidence that the Federal Government will expedite the implementation process in the interest of investors in the Nigerian Capital Market, which is an important engine of growth for the Nigerian economy.
Source : Independent