Manufacturing Perspectives

[Production]

Your email address will not be published. Stamp Duty on Nigerian Stock market transactions pegged at 0.08% from December 7 The NSE has given clarifications on the public notice released by the FIRS, itemizing contract notes at an ad valorem rate of 0.08%. The Nigerian Stock Exchange has given clarifications on the public notice released by the Federal Inland Revenue Service (FIRS) in July, itemizing contract notes at an ad valorem rate of 0.08% up from 0.075%, effective 7th December 2020. The circular released by the Nigerian Stock Exchange reads: “In reference to the Public Notice in the Business Day Newspaper of Monday, 20 July 2020, captioned ‘Clarification get more information of Administration of Stamp Duties in Nigeria’ issued by the Federal Inland Revenue Service (FIRS) (A copy is attached as Appendix A for ease of reference). “The Public Notice provided, amongst other things, information on dutiable instruments and the applicable flat or ad valorem rates, with Contract Notes 1 itemized at an ad valorem rate of 0.08%. As you know, this is at variance with the current rate of 0.075% administered in the Nigerian Capital Market.” To that extent, Dealing Members of the Nigerian Stock Exchange are to note the following: Effective December 7, 2020, the Central Securities Clearing System Plc. (CSCS) will adjust its system to implement the automated deduction of the Stamp Duty rate of 0.08%. Dealing Members are required to immediately engage their software vendors for the required adjustments to their technology applications, to reflect the 0.08% rate ahead of the effective date of 7 December 2020. Dealing Members are required to communicate the changes above to their clients immediately, ahead of the effective date.

https://nairametrics.com/2020/11/28/fidelity-bank-notifies-stakeholders-on-2020-financial-statement-audit/

[Insurance]