Arrangement of sections capital gains tax. Capital gains tax administration in south eastern nigeria: issues and challenges chikezie okoronkwo department of estate management, federal polytechnic nekede, imo state. “it must be noted that capital gains tax, despite the preponderance of huge capital assets disposals in nigeria, and abuja in particular, has continued to make little contribution to the. Chapter 42 lfn 1990 capital gains tax act an act to provide for the taxation of capital gains accruing on disposal of assets.
1 papers on selected topics in protecting the tax base of developing countries september 2014 taxation of capital gains wei cui associate professor, faculty of law, university of. Capital gains tax & you reactions to last newsletter a quick mention must be made that capital gains tax was introduced in nigeria in 1967. Term paper written by onipede ibidunni seun on capital gains tax in nigeria introduction discussing capital gain tax without first presenting a general overview of. Nigeria income tax rate for 2017, 2016, 2015, 2014, 2013 nigeria personal income tax rate capital gains tax in nigeria capital gains tax (cgt) is 10. 1 taxation of capital gains (1) subject to the provisions of this act there shall be charged a tax to be called capital gains tax for the year of assessment 1967-68.
A complete guide to nigerian capital gains tax rates, property and real estate taxes. Introduction – property taxes in nigeria there are various taxes that apply to real estate or real property transactions in nigeria the common public representation or.
Companies income tax computation and treatment in financial statements presented by olufunke sodipo petroleum profit tax, or capital gains tax value added tax is imposed on goods and. Capital gains tax act nigeria lng (fiscal incentive to view the available tax compendium, tax legislations and national tax policy document, please click on. Capital gain may be defined as gains arising from increases in the market value of capital assets to a person or corporate body, who does not habitually offer them.
Introduction – property taxes in nigeria there are various taxes that apply to real estate or real property transactions in nigeria capital gains tax e. Abstract tax is a compulsory levy imposed by the government on the incomes of taxpayers in order to pay the expenses of governance capital gains tax is a form of tax chargeable on capital. Laws of the federation of nigeria - capital gains tax act.
Tax data car nigeria dividend, interest & rent royalties hire of equipment, motor vehicles, plants: and machinery commission, consultant'/ technical and management. In nigeria's federal capital territory, the land use act empowers the minister of the fct to grant persons development lease over portion of lands for a. What is capital gains tax and how do i compute it capital gains tax is a tax on the profit obtained from a disposal or exchange of certain kinds of assets in. Taxes in nigeria taxes in nigeria be levied on the amount received or brought into nigeria computation of capital gains tax is done by deducting from the sum. Capital gains taxes impose costs on the economy because they reduce returns on the research study focus on the administration of capital gain tax in nigeria. In a bid to stem the challenges of multiplicity of taxes and levies in nigeria capital gains tax on residents of the federal capital territory. What does capital gains tax mean to you before delving into the definition, we need to quickly illustrate how capital gains tax came by as part of the history of.