{"id":45217,"date":"2020-12-03T14:26:55","date_gmt":"2020-12-03T13:26:55","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=45217"},"modified":"2020-12-03T14:26:55","modified_gmt":"2020-12-03T13:26:55","slug":"nse-announces-revision-of-stamp-duty-on-securities-transactions","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/nse-announces-revision-of-stamp-duty-on-securities-transactions\/","title":{"rendered":"NSE Announces Revision Of Stamp Duty On Securities Transactions"},"content":{"rendered":"<p class=\"yiv4442409523gmail-x_MsoNormal\"><b>T<\/b>he Nigerian Stock Exchange (NSE or The Exchange) has announced the revision of Stamp Duty on securities transactions to 0.08% from 0.075%, effective 7 December 2020.<\/p>\n<p class=\"yiv4442409523gmail-x_MsoNormal\">The change is necessitated by the classification of Contract Notes as an ad valorem tax by the Federal Inland Revenue Service (FIRS).<\/p>\n<p class=\"yiv4442409523gmail-x_MsoNormal\"><span lang=\"EN-GB\">As a responsive self-regulatory organization, The Exchange is committed to enforcing rules and ensuring compliance with regulations and other applicable government requirements. While it had maintained a stamp duty rate of 0.075% in line with what was obtainable in the Nigerian capital market, it is imperative that the FIRS\u2019 stamp duty regime of 0.08% on\u00a0<\/span><span lang=\"EN-GB\">securities transactions is applied<\/span><span lang=\"EN-GB\">.\u00a0<\/span><span lang=\"EN-GB\">T<\/span><span lang=\"EN-GB\">o this end, the Central Securities Clearing System Plc (CSCS) will adjust its system to implement the automated deduction of the Stamp Duty rate of 0.08% from Monday, 7 December 2020.<\/span><\/p><div data-ad-id=\"32665\" style=\"text-align:center; margin-top:0px; margin-bottom:0px; margin-left:0px; margin-right:0px;float:none;\" class=\"afw afw_ad_image afw_ad afwadid-32665  \">\r\n                                                            <div style=\"font-size:10px;text-align:center;color:#cccccc;\">Advertisement<\/div>\r\n\t\t\t\t\t\t\t<a target=\"_blank\" href=\"http:\/\/www.accessbankplc.com\" rel=\"nofollow\"><img decoding=\"async\" height=\"auto\" max-width=\"100%\" src=\"https:\/\/nationalwire.com.ng\/wp-content\/uploads\/2019\/06\/Banner-1.jpg\"><\/a>\r\n                                                                        \r\n\t\t\t\t\t\t\t<\/div>\n<p class=\"yiv4442409523gmail-x_MsoNormal\"><span lang=\"EN-GB\">The Exchange has also issued the requisite guidance to Dealing Member Firms to put in place the necessary measures to ensure compliance and communicate this change to investors in a timely manner.<\/span><\/p>\n<p class=\"yiv4442409523gmail-x_MsoNormal\"><span lang=\"EN-GB\">Capital market stakeholders requiring further information can refer to the\u00a0<\/span>market circular issued by The Exchange on 17 November 2020 captioned \u201cAdministration of Stamp Duty on Securities Transactions\u201d, which can be accessed on The Exchange\u2019s website at\u00a0<span lang=\"EN-GB\"><a id=\"yiv4442409523gmail-LPlnk447781\" href=\"http:\/\/www.nse.com.ng\/regulation-site\/Circular%20to%20Dealing%20Member%20Firms\/Circular%20-%20Administration%20of%20Stamp%20Duty%20on%20Securities%20Transactions.pdf\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><span lang=\"EN-US\">http:\/\/www.nse.com.ng<\/span><\/a><\/span>. Investors are also advised to contact their respective stockbrokers for more information or clarification.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The Nigerian Stock Exchange (NSE or The Exchange) has announced the revision of Stamp Duty on securities transactions to 0.08% from 0.075%, effective 7 December 2020.<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":6,"featured_media":35220,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23],"tags":[740,7869],"coauthors":[2391],"class_list":["post-45217","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","tag-nse","tag-revision-of-stamp-duty"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.9 - 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