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.
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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
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
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
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