By Modupe Gbadeyanka
Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has disclosed that federal government was planning to introduce tax incentives for the capital market from next year.
In 2014, the federal government, through the then Minister of Finance, Mrs Ngozi Okonjo-Iweala, announced a 5-year tax holiday for players in the stock market so as to encourage more participation.
Despite calls from various stakeholders in the capital market for an extension, government only promised to look into the matter.
Business Post reports that at the budget breakdown and highlights of 2020 Budget Proposal by Mrs Ahmed on Monday in Abuja, the Minister said government would introduce tax incentives for investments in infrastructure and the capital markets to as to boost the economy.
In addition, she said government would provide support for micro, small and medium-sized businesses in the country in line with Ease of Doing Business reforms of the present administration of Mr Muhammadu Buhari for quick recovery of the nation’s economy, which slipped into recession in the second quarter of 2016.
Also, she said efforts would be made to promote fiscal equity by mitigating instances of regressive taxation, while steps would be made to reform domestic tax laws to align with global best practices.
While addressing participants at the presentation, Mrs Ahmed said the 2020 Appropriation Bill was designed for fiscal consolidation to strengthen the nation’s macroeconomic environment.
She noted further that the budget would support investments in critical infrastructure, human capital development and enable institutions especially key job creating sectors.
According to her, the budget will help to incentivise private sector investment essential to complement governments development plans, policies and programs, while enhancing social investment programs to further deepen their impact on marginalised and most vulnerable Nigerians.
Dipo Olowookere 
Adedapo Adesanya