The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Oscar Onyema, has described the recently passed Financial Act as landmark achievement for the Nigerian capital market.
The Finance Act, which supposedly seeks to, among other things, promote fiscal equity and align domestic laws with global best practices, took effect on February 1st, 2020.
Onyema who disclosed this at a stakeholder symposium in collaboration with KPMG Nigeria, said the NSE will, henceforth, continue to partner with tax experts such as KPMG towards navigating the provisions of the new law.
“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.
On his part, the Head of KPMG Nigeria’s Regulatory and People Services, Wole Obayomi, also agreed that the 2019 Finance Act is a “landmark legislation” and that all concerned stakeholders should embrace it.
