Please note that effective 25 July 2019, VAT is to be charged on all commissions applicable to capital market transactions which include Commissions –

a. earned on the traded value of shares

b. payable to the Securities & Exchange Commission

c. payable to the NASD OTC Securities Exchange

d. payable to the Central Securities Clearing System

For more details see 
https://nasdng.com/rules-regulations/circulars/