The Nigerian Stock Exchange has announced the revision of stamp duty on securities transactions to 0.08 per cent from 0.075 per cent, effective December 7, 2020.
It said the change was necessitated by the classification of contract notes as an ad valorem tax by the Federal Inland Revenue Service.
The NSE said as a responsive self-regulatory organisation, it remained committed to enforcing rules and ensuring compliance with regulations and other applicable government requirements.
According to a statement from the Exchange, while it had maintained a stamp duty rate of 0.075 per cent in line with what was obtainable in the Nigerian capital market, it is imperative that the FIRS’ stamp duty regime of 0.08 per cent on securities transactions is applied.
It said, “To this end, the Central Securities Clearing System Plc will adjust its system to implement the automated deduction of the stamp duty rate of 0.08 per cent from Monday, December 7, 2020.