Nigeria News Agency Announces Proposed New Capital Gains Tax Regime

The Nigerian News Agency Sept. 28 announced a proposed new capital gains tax (CGT) regime. The regime would include measures to: 1) introduce progressive taxation based on a taxpayer’s income, maintain reinvestment relief, and tax capital gains on a net gains-and-losses basis; 2) provide exemptions for individuals and small companies with proceeds of up to 150 million Nigerian naira (US$101,081), or gains not exceeding 10 million naira (US$6,738); 3) provide reorganization exemptions and continue low withholding tax on dividends; 4) reduce to 30 percent to 25 percent the corporate income tax (CIT) rate; 5) eliminate the minimum tax on turnover, ...