Capital Gains Tax

NGN 20,000.0

10 days

Tax Returns

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Description

Information about the compliance service

Capital Gains Tax is governed by Capital Gains Tax Act, Cap C1 LFN 2004 (as amended). Capital Gains Tax is charged at a flat rate of 10% of chargeable gains. All chargeable assets are subject to Capital Gains Tax when disposed at a gain, except those specifically exempted by the Act. Chargeable assets include all forms of property whether or not situated in Nigeria. 

Requirements

Info and documents needed for this service

  1. Tax Identification Number (TIN).
  2. Proof of asset disposal (e.g., sales agreement).
  3. Asset valuation reports.
  4. Proof of asset acquisition (e.g., purchase receipt).
  5. Asset details (type, value, date acquired, date disposed).
  6. Disposal proceeds.
  7. Gain/ loss computation.
  8. Financial statements.
  9. Tax clearance certificate.
  10. Evidence of Tax Payments made.
  11. Other documents that may be required by the Government

Process

Steps involved in this compliance service

  1. Provide the required documents.
  2. Fill the form.

FAQs

Frequently asked questions about this service

1. What asset are subject to CGT?
  Shares, real estate, investments, etc are subject to the Capital Gains Tax.
2. How is CGT computed?
  Gain/ loss = Disposal proceeds - Asset cost.
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