any other company, at the rate of-(i) 27.5% in 2025 year of assessment, and(ii) 25% from 2026 year of assessment,” the document added.
“Notwithstanding any provision of this Act or any other enactment, where, in any year of assessment, the effective tax rate of a company is less than 15%, such company shall recompute and pay an additional tax that makes its effective tax rate equal to 15%.
“The provisions of this section shall apply to (a) a company that is a constituent entity of an MNE group; and (b) any other company with an aggregate turnover of N20,000,000,000.00 and above in the relevant year of assessment.
“The companies covered under this section and the determination of the additional tax payable shall be in accordance with regulations issued by the Service.”
On June 4, Oyedele had said the presidential committee on fiscal policy and tax reforms proposed a reduction of the CIT by 5 percent.
He said the tax rate should drop from 30 percent to 25 percent to encourage businesses and investors.
Earlier this month, the federal government released the gazetted withholding tax regulations expected to take effect from January 1, 2025.