UTL Trust Management Services Limited has called for a more friendly tax ecosystem that would reduce stamp duties for the transfer of assets to encourage increased utilization of trust solutions.
The managing director, Mrs. Olufunke Aiyepola, made the call at a press conference in Lagos. She also called on the National Assembly for the speedy passage of the Investment Trustees Bill into law, to enhance adoption of trusteeship in Nigeria.
Aiyepola said an allowance for nominal stamping in security trusteeship transactions would ease the burden of borrowing costs for corporate entities, urging the government to ensure re-inclusion of trust arrangements in Pension Reform Act 2004.
Speaking on apathy of Nigerians on Will writing, Aiyepola said the company had demystified the practice with its WillPower product. In February 2019, it launched WillPower, an online solution that enables easy access.
Aiyepola said the company disrupted the provision of the services by providing it at a very affordable cost.
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