Nigerian Exchange Limited has stated its commitment to increasing the capabilities of capital market stakeholders.
It co-hosted a webinar titled ‘Capital Market Advancement and the Implications of the 2021 Finance Act’ alongside the Association of Securities Dealing Houses, the Chartered Institute of Stockbrokers, and PricewaterhouseCoopers to discuss the impact of the 2021 Finance Act on the operating environment.
The webinar aimed to provide stakeholders with expert insight into amendments such as the Capital Gains Tax Act, the Companies Income Tax Act, the Federal Inland Revenue Service (Establishment) Act, the Personal Income Tax Act, the Stamp Duties Act, the Tertiary Education Trust Fund Act, and the Value Added Tax Act.
Giving his opening remarks, the Chief Executive Officer, NGX, Mr Temi Popoola, spoke on the importance of the event as the Exchange plays a leading role in driving capacity building, fostering effective collaboration, and deepening and enhancing the liquidity of the Nigerian capital market.
He said, “The amendments made by the Act are part of the expansion of the Federal Government’s fiscal policy and harmonisation with international best practices for the taxation of new areas of the modern global economy and existing economic areas that have not been fully maximised.
“These changes impact not just the capital market, but commercial companies such as telecommunications, ICT, and oil & gas among others.
“This webinar is an initiative put forward to sensitise stakeholders and intermediaries in the Nigerian capital market under a common forum to understand the provisions of the Finance Act 2021.”
The keynote speaker, Fiscal Policy Partner and Africa Tax Leader, PwC Nigeria, Mr Taiwo Oyedele, during his lecture, noted that the capital market was still at its seed stage and needed nurturing to ensure effective growth.
He said the government had to approach taxation with the aim of unlocking prosperity, which would enable the generation of increased taxes, rather than unintentionally hampering growth with its tax policies.
