FG tackling VAT exemption, others – Osinbajo

Federal Government says it is already tackling the issues regarding stamp duties collection and the extension of the VAT exemption on capital market transactions.

Vice President Yemi Osinbajo stated this at the Awards Night of the Association of Issuing Houses of Nigeria (AIHN), held in Lagos weekend.

Recall that VAT charges on transactions in the capital market was suspended in 2014 by then minister of finance, Ngozi Okonjo-iweala, to encourage increased trading activities in the market. That waiver ended on July 24, 2019.

Vice President Osinbajo, who was represented by the acting director-general of the Securities and Exchange Commission (SEC), Mary Uduk, said this and other issues were

being addressed currently and a resolution would be announced very soon.

According to him, “We have also commenced work on other aspects of CAMMIC’S requests that require government intervention and would be collaborating with many of you in the capital market community to successfully address them. My Office is actually represented on the CAMMIC. I will therefore be receiving periodic reports on suggestions to further strengthen our support of your efforts and the market as a whole.

“We all desire a capital market that would broaden access to economic prosperity by enabling the emergence of financially responsible citizens, accelerating wealth creation and wealth distribution, providing capital to small and medium scale enterprises, and catalysing housing finance.