Capital market experts have faulted the proposed upward review of Value Added Tax , saying its implementation would further depress stocks’ price and increase transactions cost in the bourse.
The capitalisation, which stood at N15,549 trillion as at Wednesday, February 28, 2018, stood at N11,337 trillion as at Friday, December 28, 2018, representing N4.2 trillion or 37 per cent loss. They described the move as disincentive to the market, urging government to restrain from making pronouncements capable of eroding further investors’ confidence in the market.
“If the VAT is increased, it means that investors will pay more. The aggregate cost of transaction in the Nigerian capital market is already one of the highest in the world.
Source: News Formal (newsformal.com)
Nawa o. This, after they (FIRS) said they didn't say that!
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