Edit Content

NSE In Collaboration With KPMG Holds Symposium On Finance Act 2019.

Finance Act 2019

The Nigerian Stock Exchange in collaboration with KPMG, Nigeria on Monday hosted capital market stakeholders at a symposium tagged, Finance Act 2019. This event was held at The Exchange, Lagos on Monday 03 February 2020, to highlight the implications of Nigeria’s Finance Act 2019 which took effect on February, 1 2020.

See Also: Swedish Institute Management Programme Africa Application Is Ongoing

Basically, the Bill was passed into law with the objectives to promote fiscal equity, align domestic laws with global best practices, support MSMEs, increase government revenues and incentivize activities in the capital market. With this, investors and companies gathered to discuss its implications on business and the capital market at the NSE.

Start Your Business in 30 Days Even If You Don't Have An Idea
Start Your Business in 30 Days Even If You Don’t Have An Idea

See Also: Cheap ways to promote your business and gain more customers.

The Symposium On The Finance Act 2019

During the opening remarks, NSE CEO, Oscar N Onyema, disclosed that the signing of the Bill into law represents a landmark achievement for the Nigerian capital market. In his words, “Since 2014, we have worked alongside SEC & other capital market stakeholders. We have been at the forefront of advocacy with policy makers and tax authorities for more favourable tax structures for primary and secondary markets activities in the Nigerian capital market. 

See Also: Business funding opportunities for aspiring entrepreneurs to grow their businesses.

The NSE, in its effort to support the growth of the Nigerian economy and its issuers is therefore, happy to collaborate with leading tax expert, KPMG. Together, we will highlight the implications of these new rules and provide guidance on how to effectively navigate the provisions of the bill, especially as it relates to taxes”.

Also, Mr Ikechukwu Ene, Senior Manager, Tax, Regulatory and People Services, KPMG made a presentation on the Implementation for Nigerian Corporates, Financial Market and The Economy. He spoke on the key changes in the Finance Act that affect the Capital Market such as: Securities Lending, Real-Estate Investment, Excess Dividend Tax Rule, Unit Trust and Business Organizations.

See Also: 100 Profitable business ideas to start now for aspiring entrepreneurs and investors.

Highlights Of Implications At The Symposium On Finance Act 2019 

Onyema stated that the “bill is the elimination of double taxation in Collective Investment Scheme (CIS) including Real Estate Investment Structures. This will have a significant impact on the growth of the asset management industry in Nigeria. 

We also expect exponential growth in Securities Lending activities given the elimination of tax on manufactured dividend raising from securities loan transactions. This is in line with global best practices presenting new opportunities for capital market operators.”

Furthermore, the exemption of micro and small enterprises with an annual turnover of N25M or less from paying company income tax aligns with the Exchange’s commitment to SMEs as recently demonstrated with the launch of the NSE Growth Board. 

See Also: Business challenges faced by entrepreneurs in Nigeria. 

“We  believe the Bill is a step in the right direction and we are pleased to partner with KPMG to clarify elements of the Finance Act 2019 along key thematic areas including tax incentives relating to investment in capital markets and the ease of doing business for companies.” Onyema said

Also, speaking on the Finance Bill 2019, Partner & Head, Tax, Regulatory and People Services, KPMG, Mr Wole Obayomi said; “Finance Act 2019 is landmark legislation that should be embraced by all stakeholders to ensure it achieves its laudable objectives. The removal of multiple tax footprints for securities lending and real estate investment schemes is expected to stimulate activities in those segments of the market.

The generous incentives for the small and medium enterprises (SMEs) in the Finance Act coupled with the launching of the Growth Board for capital raising by that sector from the Nigerian stock Exchange, are timely interventions to drive the growth of the economy through the SMEs. Overall, the Finance Act 2019 is a welcome development.”

See Also: 2020 Ideas For Action Competition Application Is Open For Students And Young Professionals


Go from idea to starting your business in 30 days
Go from idea to starting your business in 30 days

KPMG is a leading provider of audit and tax advisory and professional services to organisations. It provides an informed perspective on issues faced by the global business community. It also works closely with organisations and help them mitigate risks and grasp opportunities.

KPMG is a multinational professional services network and one of the prominent accounting organisations. It began operation in Nigeria in 1978. Since then, it has been providing multidisciplinary professional services to both local and international organisations in the Nigerian business community. 

KPMG works with clients to cut through complexities of the business world, finds solutions and add value. It deals in the formulation of economic policies for Nigeria through the Nigerian Economic Summit Group.

See Also: Early Career Grant By National Geographic: An Opportunity For Individuals To Lead A Project

Nigeria Stock Exchange

The Nigerian Stock Exchange is one of the organisations championing the development of Africa’s financial markets. It offers listing and trading services, licensing services, market data solutions, ancillary technology services and many more. 

See Also: 100 Profitable business ideas to start now for aspiring entrepreneurs and investors.

Recently, the company launched its Growth Board, an initiative to support SMEs in their growth phases. Additionally, there are ongoing plans to hold a Smart Investing ETF Workshop on Friday Feburary 7, 2020.

The workshop will hold in conjunction with Meristem Wealth Management Limited. It will center on Smart Ways To Invest, with focus on Exchange Traded Funds (ETFs). The program will also afford new and prospective investors the opportunity to understand the various available smart investing options. You can also read more and register for the program here.

Are you doing something amazing in business that you want people to know about, write to us, let us tell your story.

Follow us on Instagram to get more update.



Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Join Entrepreneurs Family

No spam, only business insights and tips. 

Entrepreneurs Sign Up

Business Registration

Most Popular

Join Entrepreneurs Family

No spam, only business insights and tips. 

Entrepreneurs Sign Up

Related Posts

Financial Management for Entrepreneurs

Financial Management Tips for Entrepreneurs And Business Owners

Effective financial management is a cornerstone for the success of entrepreneurs. As an entrepreneur, managing your finances well can make the difference between thriving and merely surviving in your business. In the Start Your Business in 30 Days programme, we dedicated modules to teaching entrepreneurs about core financial management techniques

Tech Innovations for Entrepreneurs

Tech Innovations for Modern Entrepreneurs To Improve Their Businesses

Staying ahead of the curve is crucial for success in today’s business world. Tech innovations are the driving force behind this progress, transforming how entrepreneurs operate and compete. These tech advancements are not just optional for businesses today; they are essential for survival and growth in a competitive market. Entrepreneurs

Networking for entrepreneurs

The Importance of Networking for Successful Entrepreneurs

Networking for entrepreneurs is a powerful tool that can significantly impact the growth and success of a business. In today’s competitive business environment, building strong connections is more important than ever. That is why we structured the Start Your Business in 30 Days programme in a way that our entrepreneurs

Marketing tips for new entrepreneurs

Marketing Tips for New Entrepreneurs To Boost Their Business

One of the biggest hurdles new entrepreneurs face is effective marketing. Without the right marketing strategies, even the best products or services can go unnoticed. New entrepreneurs need to be equipped with the right marketing tips that will help them stand out. For new businesses to survive, they need great

Scroll to Top

Join Entrepreneurs Family!

Get access to FREE business insights and funding opportunities daily.

Entrepreneurs Sign Up