In order to assist the efforts being made by the Central Bank of Nigeria and Nigeria’s Securities and Exchange Commission to develop a securities market with a broader range of issuers, the federal government has extended the existing tax exemptions for bonds issued on the Nigerian market.
Previous waivers had been granted under company income tax for the issuance of sub-national (including the state governments) and private sector corporate bonds. Exemption has now also been granted under the individual income tax, value-added tax and capital gains tax regulations.
In addition, waivers have now been granted for short-term securities issued by the federal government. In order to go some way in reducing transaction costs, there will also be a reduction in stamp duties for the reissuance of corporate debentures.
The bond market in Nigeria has previously been the sole domain of federal government bonds, but the government now looks to its broadening as a means of providing further and longer-term funds for, and encouraging investment in, the development of the economy.
.Tags: tax | law | investment | capital markets | corporation tax | value added tax (VAT) | capital gains tax (CGT) | individual income tax
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