Tax Law Commons^™

Contractual Option Interests And Capital Gains Tax In Nigeria, Dr Obayemi K. Olumide, Oluwaseun Viyon Ojo, Tobi Michael Babalola

Oluwaseun Viyon Ojo

Capital gains are the profits realized from the sale of chargeable assets at a price which exceeds and is higher than the purchase price, and so, when a capital asset is sold, the difference between the cost price (purchase price, including acquisition costs) and the sales price (selling costs) is a capital gain or a capital loss, because a taxpayer realizes a capital gain if sales price is higher than cost of sale, while the reverse is the case for a capital loss. While substantial revenue can be realized from capital gains tax (CGT), there are challenges facing CGT in …