It is a fact that different tax laws apply to income earned by
different categories of taxpayers in Nigeria. Hence, Companies
Income Tax Act imposes tax on the profits of Companies other than
those engaged in petroleum exploration and production; Personal
Income Tax Act imposes tax on the income of individuals, families
and communities;and Petroleum Profits Tax Act and Deep Offshore And
Inland Basin Production Sharing Contracts Act impose tax on the
profits of companies engaged in Petroleum activities.
The Capital Gains Tax Act Cap C1, LFN 2007 (CGTA or the Act)
imposes tax on gains accruing to any taxpayer on disposal of
assets. It taxes such gains at the rate of 10%.
Capital Gains Tax (CGT) is imposed on gains accruing to any
taxpayer on disposal of assets. Capital gains are those gains that
arise from an increase in the value of capital assets, that is,
assets that were not purchased with the prime intention of
immediate resale or exchange. When these gains are
