In a circular to stockbroking firms on Wednesday, the Nigerian Stock Exchange (NGSE) indicated that with effect from February 1, VAT charged on commissions applicable to capital market transactions will increase from 5% to 7.5%.
Starting from Monday February 3, 2020, the first trading session after the effective date of the new VAT rate, a 7.5% VAT shall be charged on the following Fees:
- Brokerage Commission
- Securities and Exchange Commission (SEC)
- Nigerian Stock Exchange (NSE)
- Central Securities Clearing System (CSCS)