By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) Tuesday notified all issuers on the mandatory payment of value added tax (VAT) in compliance with the law on VAT which commenced in 1993.

The Exchange in a notice made available to InvestAdvocate said it’s mandatory for all issuers, stockbrokers, issuing houses and other agencies making payment to it on application and listing fees to pay VAT.

‘’All issuers, stockbrokers, issuing houses and other agencies making payment to The Exchange on application and listing fees, that in accordance with the law on VAT which came into effect in 1993, it is mandatory to include VAT payment of 5% to such payments,’’ the NSE said.

In the same vein, the Nigeria’s Exchange directed payment of eligibility fees to central securities clearing system limited (CSCS) to be paid directly to CSCS.

According to the NSE, it will no longer accept responsibility of collecting payment of eligibility fees on behalf of the CSCS.  

In the light of this, payment of such fees should be made using the following bank account details: Name: central securities clearing system plc, Bank: Guaranty Trust Bank Plc Broad Street branch with account number 000-292-5850 and sort code number 058152036.