The Capital Gains Form is a crucial tax compliance document required by Nigerian law for reporting gains derived from the disposal of chargeable assets. This form must be submitted to the Federal Inland Revenue Service (FIRS) whenever a taxpayer disposes of assets resulting in capital gains. The document is designed to capture all relevant information needed for proper assessment of Capital Gains Tax at the current rate of 10%, including details of the disposed assets, acquisition costs, disposal proceeds, and allowable deductions. It is particularly important following the Finance Act 2021's introduction of new provisions regarding share disposals exceeding ���100 million. The form serves as both a declaration and computation tool, enabling proper assessment and collection of capital gains tax while ensuring compliance with Nigerian tax regulations.
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1. Taxpayer Information: Basic identification details including TIN, full name/company name, address, and tax office
2. Assessment Period: The tax year or period for which the capital gains are being reported
3. Asset Description: Details of the capital asset(s) disposed of during the assessment period
4. Acquisition Details: Information about when and how the asset was acquired, including original cost and acquisition date
5. Disposal Details: Information about the asset disposal, including sale price, date, and method of disposal
6. Computation of Capital Gains: Calculation of the gain/loss, showing disposal proceeds minus cost basis and allowable deductions
7. Tax Calculation: Computation of the 10% CGT on the net capital gains
8. Declaration: Taxpayer's declaration of accuracy and completeness of the information provided
1. Rollover Relief Claim: Section for claiming rollover relief when proceeds are reinvested in qualifying assets
2. Foreign Asset Disposal: Additional section for reporting disposal of assets located outside Nigeria
3. Share Disposal Details: Specific section for share disposals exceeding ���100 million threshold under Finance Act 2021
4. Connected Persons Transactions: Section for reporting disposals involving related parties or connected persons
5. Exemption Claims: Section for claiming any applicable CGT exemptions under Nigerian law
1. Schedule A - Detailed Asset Register: Itemized list of all assets disposed of during the period
2. Schedule B - Computation Worksheet: Detailed calculations showing how the capital gain/loss was determined
3. Schedule C - Supporting Documents: List of required supporting documents (purchase agreements, disposal evidence, etc.)
4. Schedule D - Allowable Expenses: Breakdown of costs and expenses allowed in computing the capital gain
5. Appendix 1 - Valuation Reports: Professional valuations where required for determining asset values
6. Appendix 2 - Transaction Evidence: Copies of sales agreements, transfer documents, and payment receipts
Find the exact document you need
Capital Gain Tax Return Form
A Nigerian tax return form for reporting capital gains and calculating related tax liability under FIRS regulations.
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Capital Gain Form
A Nigerian tax compliance document for reporting capital gains and calculating the 10% CGT liability under FIRS regulations.
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