Capital Gains Tax (CGT) is imposed by the Capital Gains Tax Act (CGTA) Cap C1 LFN 2004 at a rate of 10% when Companies and individuals in Nigeria make gains from the disposal of capital assets.
Never attend any lecture in Nigerian Law School without having an idea of the topic of the day. Read your textbooks before class and do your tasks and then, get clarified in class on the dark areas. When you read and try the drafts before lectures, the topics are easier to assimilate.
In most cases, having your neighbour’s tree trespass into your territory is never all that fun. In this write-up, we shall look at how you can deal with your neighbour’s tree’s nuisance.
Why You Should Download WHITE & BLACK COMPENDIUM OF LEGAL THOUGHTS After five insightful years as students at the prestigious Faculty of Law, University of Ibadan, a team of finalists of the 2017/2018 have come up with an intellectual project titled WHITE & BLACK COMPENDIUM OF LEGAL THOUGHTS. The black and white idea is one that was born out of the understanding that to fully appreciate law, it must be done from a position of balance. This balance comes from knowing…
“It is not merely of some importance, but is of fundamental importance that justice should not only be done, but should manifestly and undoubtedly be seen to be done. ”
After profits from all sources are added into the Tax basket, the exempted profits, deductions allowed and all allowances like Capital Allowances, Rural Investment Allowance, etc are removed from the basket. The remaining profits in the Tax basket – Taxable Income, are then subjected to Companies Income Tax rate of 30% in Nigeria.
All I will say is that not all that glitters is gold and this is a lesson for all of us! The truth is: most of us are unconvicted convicts; many are just as guilt as Dr. Nwobike, SAN but yconsider ourselves better because we’ve not been caught. This reminds me of the Battle of Waterloo.
To retain important control of resources and the economy, and because we also need what the IOCs have – Oil Exploration and Production Infrastructure, taxes are used to regularize the heavy production of our Oil and to reinvest into the economy.
A hearty congratulations, dear reader, you not only steadily pay a Federal tax called Value Added Tax (VAT), as the final consumer/buyer, you bear the burden of the tax to a large extent.
Trump’s tariffs may be described as some sort of protectionism for the purpose of boosting the country’s economy and defending it from foreign competition.