Section 34

(1) Subject to exemptions as may be provided in Part I of Chapter
Chargeable
assets Eight of this Act, all forms of property shall be chargeable assets for the purpose
of this Part, whether situated in Nigeria or not, including –
(a) any form of asset, shares, options, rights, debts, digital or virtual assets
and incorporeal property generally:
Provided that gains accruing to a person on disposal of shares in any
Nigerian company shall not be chargeable gains where the –
(i) disposal proceeds, in aggregate, is less than N 150,000,000 and the
chargeable gain does not exceed N 10,000,000 in any 12 consecutive
months,
(ii) shares are transferred between an approved borrower and a lender
in a regulated securities lending transaction, or
(iii) proceeds from such disposal, notwithstanding the threshold in (i),
are reinvested within the same year of assessment in the acquisition of
shares in the same or other Nigerian companies, provided that tax shall
accrue proportionately on the portion of the proceeds which are not
reinvested in the manner stipulated in this subsection;
(b) any currency other than Nigerian currency; and
(c) any form of property created by the person disposing of it or coming
to be owned without being acquired.
(2) This section shall have effect, notwithstanding that the property is an
asset in respect of which qualifying capital expenditure had been incurred
under any provision of this Act.