The chairman of Nigeria’s Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, says the revised Capital Gains Tax, CGT, will make the country’s capital market more competitive and attractive to investors.
Speaking at a virtual lecture organised by the Capital Market Academics of Nigeria, he said CGT remains far lower than Company Income Tax and VAT, noting that many developed economies tax capital gains at similar rates as normal income.
He cited Federal Inland Revenue Service, FIRS, data showing CGT generated just N276 billion between 2014 and 2024, compared with N26 trillion from CIT and N22 trillion from VAT. Mr. Oyedele added that new incentives — including input VAT credits, CGT exemptions and reduced CIT — will lower business costs.
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