12 December 2012

Nigeria: Waivers On VAT, Stamp Duty - Capital Market Operators Seek Speedy Implementation

Some capital market operators yesterday urged the Federal Government to immediately implement its policy to stop stamp duty and Value Added Tax (VAT) on transactions in the nation's bourse.

They said in Lagos that the implementation of the policy, as announced on December 3, would aid capital market recovery.

Malam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd., said that the Federal Government should gazette the policy for it to be effective.

"It is our hope that all those concerned in the implementation of the policy will see it done before the end of the year," he said.

Kurfi, who described the announcement as a welcome development, said that it would reduce the cost of transactions by at least 12 per cent.

Mr Emeka Madubuike, the Managing Director of Compass Securities Ltd., said that effective implementation of the policy would boost activities in the capital market.

Madubuike said that the Transformation Agenda of the government would not be achieved if the capital market was excluded from the agenda.

Mr Sehinde Adenagbe, the Managing Director of Standard Union Securities Ltd., also urged the Federal Government to hasten its privatisation exercise. NAN

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