The Chief Executive Officer of the Nigerian Exchange (NGX) Limited, Temi Popoola has sought for a reduction on Company Income Tax (CIT), from 25 to 20%, among others, arguing that these would ultimately attract more taxes to government.
He said this on Tuesday when he led the Management of the Exchange on a courtesy call to the Minister of Finance, Budget and National Planning, Mrs Zainab Shamsuna Ahmed in Abuja.
Popoola who informed the Minister that he had come to introduce the new Management of the Exchange to her and to also appreciate her support to the Nigerian capital market, assured the Minister of the Exchange’s support to this administration’s effort in making Nigeria a destination for foreign investment as well as attracting investors.
The CEO also assured the Minister of the Exchange’s commitment to support the Ministry’s fiscal policy and willingness to serve on the committee of the Finance Bill 2021.
Responding to the request for a reduction of various taxes relating to the capital market,the Finance Minister, Ahmed declared that such requests would be treated on their individual merits, stating that the requests had come at appropriate time when the Ministry was working on the Finance Bill 2021.
She also has commended the Nigerian Exchange Limited for her efforts towards deepening the Nigerian capital market.
Mrs Ahmed called on the Management to leverage on technology and innovations which could ease the processes of trading on the exchange and ensure that ordinary citizens could participate in the capital market.
The Minister disclosed that the Federal Government had directed the Securities and Exchange Commission (SEC), to marshal out a saving policy and programme that would encourage citizens of all economic standing to actively participate in Nigerian capital market as a means of unlocking the potentials in the market.
In the same vein, the Permanent Secretary, Aliyu Ahmed, while congratulating Mr Popoola on his appointment, urged him and his team to tap into their experiences and scale up the operations of the exchange for the benefit of investors and the market.