In July 2014, the then Minister of Finance – Dr Ngozi Okonjo- Iweala signed the Value Added Tax (Exemption of Commissions on Stock Exchange Transactions) Order, 2014 to waive payment of Value Added Tax (“VAT”) on commissions of the capital market operations. The exemption was to last for a period of five (5) years. July 2019 witnessed the re-commencement of Value Added Tax (“VAT”) exemption on commissions of stock exchange transactions.
Section 38 of the Act empowers the Minister of Finance to amend, vary or modify the list in the First Schedule of the Act.