Corporate taxation

The basic corporate rate is 30%. However, it is only 20% for medium size business with turnover of more than NGN 25 million and less than NGN 100 million. For small businesses with turnover less than NGN 25 million the tax rate is 0%.

Nigerian companies (i.e., companies incorporated in Nigeria) are liable to tertiary education tax at 2.5% of their assessable profit.

Manufacturing, export, downstream gas utilization including power generation, agribusiness, hospitality and tourism service companies, and companies in pioneer industries may be eligible for special tax treatment.

Special tax rates apply to upstream petroleum and gas operations.

Transfer pricing

The application of the provisions of the domestic transfer pricing rules is to some extent consistent with the OECD Transfer Pricing Guidelines. However, by the provisions of Regulation 12, where any inconsistency exist between the provisions of any applicable laws, rules, regulations, the UN practical manual on Transfer pricing and the OECD TPG referred to in Regulation 11, the provisions of the relevant tax laws, shall prevail.


Transfer Pricing Case Law

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