The CGT Act of 1967 imposes Capital Gains Tax on capital gains arising from disposal of chargeable assets, whether or not the asset is situated in Nigeria. Paragraph 1, First Schedule of the Federal Capital Territory Internal Revenue Service Act, 2015 empowers the service to collect capital gains tax. The act also empowers the service to administer the provisions of the Capital Gains Tax Act.
CGT is governed by the provisions of the Capital Gains Tax Act, 2007 as amended and Finance Act 2019.
It is tax payable on gains arising from disposal of chargeable assets that are used for production to generate income or held in business for the purpose of running the affairs.
The Personal Income Tax Act 104 of 1993, Cap p8 of the LFN 2004, as amended. Pit Amendment Act, 2011 till date is the legal basis for the imposition of Personal Income Tax (PIT) on the income of individuals including communities, families, executors and trustees, accruing in, derived from, brought into and received in Nigeria.
The First Schedule of the Federal Capital Territory Internal Revenue Service Act, 2015 empowers the service to collect Personal Income Tax. The Act also empowers the service to administer the provisions of the Personal Income Tax act.
Stamp Duty was introduced in Nigeria on 1st April 1939 as a charge of duty on instruments. Since its enactment, the Stamp Duty Act has not undergone any significant amendment until the enactment of the Finance Act, 2019 which introduced some amendments.
The First Schedule of the Federal Capital Territory Internal Revenue Service Act, 2015 empowers the service to collect Stamp Duties on transactions between individuals in FCT. The Act also empowers the service to administer the provisions of the Stamp Duties Act.
Stamp Duty is a tax on commercial and legal documents which record and give effect to certain transactions. It’s not tax on transactions, hence, even if transaction has been aborted, stamp duty is payable on the document.
It is usually placed on transfer of homes, copyrights, buildings, lands, patents and securities.
Withholding Tax is governed by the following regulations:
- Personal Income Tax Act (PITA) Cap p8 LFN 2004 (as amended by PIT Amendment Act, 2011).
- Company Income Tax (CIT) Act, Cap. C21, LFN 2004 (as amended by CIT Amendment Act, 2007).
- Petroleum Profits Tax Act, Cap p13, LFN 2004
- WHT regulations issued pursuant to the PIT Act and the CIT Act.
Withholding Tax is an advance payment of income tax, deductible at source on qualifying transactions. It may also represent the final tax liability on certain passive income.
The First Schedule of the Federal Capital Territory Act, 2015 empowers the service to administer any laws or enactments imposing taxes and levies within the Federal Capital Territory including Withholding Income Tax on individuals and enterprises.
The service is empowered by the act to administer, collect and enforce payment of Property Tax in the Federal Capital Territory, administer Property Tax regulation and any other Property Tax laws that may be enacted by the national assembly.
The Act is also to the effect that exiting collecting authority on tenement rates and charges may delegate such authority or power to the service.
POOLS BETTING, LOTTERIES, GAMING AND CASINO TAXES
BUSINESS PREMISES REGISTRATION FEES
NAMING OF STREET REGISTRATION FEES IN THE FEDERAL CAPITAL CITY ABUJA
(CERTIFICATE OF OCCUPANCY FEES ) GROUND RENT
RIGHT OF OCCUPANCY FEES ON LANDS OWNED BY THE STATE GOVERNMENT IN URBAN AREAS OF THE FCT
ENTERTAINMENT AND EVENT CENTRE TAX
MARKET TAXES AND LEVIES WHERE FCT FINANCE IS INVOLVED