The Nigerian Stock Exchange on Monday February 3, 2020 hosted a symposium on the “Finance Act 2019”. The event for capital market stakeholders held at the Exchange in collaboration with KPMG Nigeria highlighted the implications of Nigeria’s Finance Act 2019.
The Act, which took effect on February 1, 2020 has the objectives to promote fiscal equity, align domestic laws with global best practices, support MSMEs, increase government revenues and incentivize activities in the capital market.
Speaking at the event, Oscar N. Onyema, Chief Executive Officer, NSE said, “The signing of the Finance Bill into law represents a landmark achievement for the Nigerian capital market. Since 2014, the Exchange alongside Securities and Exchange Commission (SEC) as well as other capital market stakeholders have been at the forefront of advocacy with policy makers and tax authorities for favourable tax structures for primary and secondary markets activities in the Nigerian capital market.
The NSE, in its efforts to support the growth of the Nigerian economy and its issuers is, therefore, happy to collaborate with leading tax expert, KPMG to highlight the implications of these new rules and provide guidance on how to effectively navigate the provisions of the bill, especially as it relates to taxes.”
In attendance at the symposium were investors, listed and prospective companies, and other capital market operators.
Speaking on the Finance Act 2019, Wole Obayomi, Partner & Head, Tax, Regulatory and People Services, KPMG said, “Finance Act 2019 is a landmark legislation that should be embraced by all stakeholders to ensure it achieves its laudable objectives.
“The removal of multiple tax footprints for securities lending and real estate investment schemes is expected to stimulate activities in those segments of the market. The generous incentives for the small and medium enterprises (SMEs) in the Finance Act coupled with the launching of the Growth Board for capital raising by that sector from the Nigerian Stock Exchange, are timely interventions to drive the growth of the economy through the SMEs. Overall, the Finance Act 2019 is a welcome development,” he said.
