The basic corporate rate is 30%, however, it is 20% for small business with turnover of less than N1million. Nigerian companies (i.e., companies incorporated in Nigeria) are liable to tertiary education tax at 2% 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.
The application of the provisions of the domestic transfer pricing rules is in a manner 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, UN practical manual on Transfer pricing and the OECD TPG referred to in Regulation 11, the provisions of the relevant tax laws, shall prevail.