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Nigeria: Reminder, expiration of VAT exemption on stock exchange transactions

Nigeria: VAT exemption on stock exchange transactions

The exemption from value added tax (VAT) relating to commissions on stock exchange transactions expires on 25 July 2019.


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The VAT exemption has applied with regard to commissions:

  • Earned on traded value of shares
  • Payable to Securities and Exchange Commission
  • Payable to the Nigerian Stock Exchange
  • Payable to the Central Securities Clearing System

The exemption was effective 25 July 2014, and was to be in place for five years. Unless it is extended, the VAT exemption will expire on 25 July 2019. Thus, commissions earned or payable on the above-listed transactions will be subject to VAT.

Read a June 2019 report [PDF 124 KB] prepared by the KPMG member firm in Nigeria

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