The Mandate Secretary, Economic Planning, Revenue Generation and Public-Private Partnership, Barr. Chinedum Kelechi, while inaugurating the Capital Gain Tax Implementation Committee for the FCT, aimed at boosting Internally Generated Revenue (IGR), disclosed that the Capital Gains Tax (CGT) Act, Cap.CI LFN 2004 imposes a CGT tax rate of 10% on the total amount of chargeable gains accruable to any person upon disposal of his/her chargeable asset or assets in a year of assessment after deduction of the allowable expenses from the gains made on the disposal of the asset.
This would then be remitted to the FCT Internal Revenue Service as required by the extant law.
He also revealed that the Minister also approved inter-agency collaboration and synergy between the FCT-IRS and other relevant agencies that would work for the smooth implementation of this CGT Act.
Capital Gain Tax: FCTA To Collect 10% Of The Value Of Assets Sold By Abuja Residents.
