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Capital Gain Tax Return Form

Capital Gain Tax Return Form Template for Nigeria

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Key Requirements PROMPT example:

Capital Gain Tax Return Form

"I need a Capital Gains Tax Return Form for a Nigerian corporate entity reporting multiple real estate disposals in March 2025, including one transaction with a connected party and potential roll-over relief claims."

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The Capital Gains Tax Return Form is a mandatory filing requirement in Nigeria for any person or entity that has disposed of chargeable assets resulting in capital gains during the tax year. This document, regulated by the Federal Inland Revenue Service (FIRS), serves as the official mechanism for declaring capital gains and computing the associated tax liability at the rate of 10% as per Nigerian tax law. The form must be submitted within the stipulated filing deadline and should include comprehensive details about asset disposals, computation of gains, applicable exemptions, and supporting documentation. It is designed to ensure transparency in capital gains reporting and facilitate proper tax assessment in accordance with the Capital Gains Tax Act and other relevant Nigerian tax legislation.
Suggested Sections

1. Taxpayer Information: Basic details including TIN, name, address, and tax period

2. Asset Disposal Details: Information about each asset disposed including description, acquisition date, disposal date

3. Computation of Capital Gains: Calculation showing disposal proceeds, cost basis, and net gain/loss

4. Exemption Claims: Declaration of any applicable exemptions under the Capital Gains Tax Act

5. Tax Computation Summary: Total taxable gains and tax payable calculation

6. Declaration: Taxpayer's declaration of accuracy and completeness of information

Optional Sections

1. Representative Information: For returns filed by tax agents or representatives on behalf of taxpayers

2. Installment Payment Election: For taxpayers requesting to pay CGT in installments

3. Connected Persons Transactions: For disposals involving related parties or connected persons

4. Offshore Asset Disposals: For reporting gains from disposal of foreign assets

5. Roll-over Relief Claims: For taxpayers claiming roll-over relief on business asset replacements

Suggested Schedules

1. Schedule A - Asset Disposal Details: Detailed breakdown of each asset disposed including dates, values, and computation

2. Schedule B - Cost Basis Computation: Detailed calculation of cost basis including allowable expenses and improvements

3. Schedule C - Supporting Documents Checklist: List of required supporting documents attached to the return

4. Schedule D - Roll-over Relief Computation: Detailed calculation of roll-over relief claims if applicable

5. Appendix 1 - Valuation Reports: For attached professional valuations of disposed assets where required

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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alex.den.21@genieai.co
Relevant Industries

Financial Services

Real Estate

Manufacturing

Oil and Gas

Technology

Agriculture

Mining

Telecommunications

Construction

Retail

Professional Services

Healthcare

Education

Transportation

Energy

Relevant Teams

Finance

Accounting

Tax

Treasury

Legal

Compliance

Internal Audit

Financial Reporting

Risk Management

Relevant Roles

Tax Manager

Financial Controller

Chief Financial Officer

Tax Accountant

Finance Director

Tax Consultant

Corporate Accountant

Finance Manager

Tax Compliance Officer

Treasury Manager

Financial Reporting Manager

Tax Partner

Financial Analyst

Accounting Manager

Industries
Capital Gains Tax Act Cap C1 LFN 2004: The primary legislation governing the taxation of capital gains in Nigeria, defining taxable gains, computation methods, and exemptions
Federal Inland Revenue Service (Establishment) Act 2007: Establishes FIRS as the tax authority and provides administrative framework for tax collection and enforcement
Companies Income Tax Act Cap C21 LFN 2004: Relevant for corporate entities' capital gains taxation and its interaction with company income tax
Personal Income Tax Act Cap P8 LFN 2004: Applicable for individual taxpayers' capital gains and its relationship with personal income taxation
Finance Act 2021: Contains recent amendments to capital gains tax provisions and rates in Nigeria
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