It is now governed by Tertiary Education Trust Fund (Establishment, Etc) Act 2011
Imposed on all companies registered in Nigeria
The rate of the tax is 2% of assessable profit
The due date for filing returns is the same as that of CIT and PPT
The tax is an allowable deduction in computing the assessable profits of companies engaged in petroleum operations(Upstream)
Funds derived from the tax are used for rehabilitation, restoration and consolidation of tertiary education in Nigeria by the Tertiary Education Trust Fund (TETFUND)
The amount in the Fund is distributed between Universities, Polytechnics and Colleges of Education in the ratio 2:1:1 respectively
First offence against the Act is liable on conviction to a fine of N1, 000,000 or a term of 6 months imprisonment or both. Second and subsequent offences attract a fine of N2, 000,000 or a term of 12 months or both.