Section 57

(1) Notwithstanding any provision of this Act or any other enactment,
Rate 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%.
(2) 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 N 20,000,000,000
and above in the relevant year of assessment.
(4) For the purposes of this section –
"effective tax rate" means the rate produced by dividing the aggre-
gate covered tax paid by a company for a year of assessment by the
profits of the company; and
"profits" means the net profits before tax as reported in the audited
financial statement less 5% of depreciation and personnel cost for the
year.
Rates of tax