Nigerian stocks recorded their biggest rally in almost two years after authorities softened a capital gains tax policy that had spooked foreign investors and triggered a market selloff.
Taiwo Oyedele, chair of Nigeria’s tax reform committee, said in a post on X late Tuesday that the cost base for calculating the levy on existing investments will now be either “the actual acquisition cost or the closing market price as of Dec. 31,” whichever is higher. “This ensures fairness and prevents the application of the new rule to gains accrued before the law takes effect,” Oyedele said.
Taiwo Oyedele, chair of Nigeria’s tax reform committee, said in a post on X late Tuesday that the cost base for calculating the levy on existing investments will now be either “the actual acquisition cost or the closing market price as of Dec. 31,” whichever is higher. “This ensures fairness and prevents the application of the new rule to gains accrued before the law takes effect,” Oyedele said.