The objective of this study was to investigate the impact of corporate taxes on the value of quoted manufacturing companies in Nigeria. Three multiple regression models were generated to explain stock prices, value of traded equities and price-earnings ratio from corporate income tax, capital gains tax and tertiary education tax upon panel data retrieved from the financial statements of 36 quoted manufacturing firms. Data Analysis Method: Panel Autoregressive Distributed Lag (ARDL) The study resulted in Model One explaining 73.2% of the variation within stock prices, meaning that 26.8% of the variation was due to other factors not accounted for by this regression analysis model would be wise. Model Two accounted for 56.9% of the variance in value of traded equities with 43.1% due to other factors. Whereas Model Three explained 36.3% of the variation in the price-earnings ratio, 63.7% of it was left unexplained (attributed to factors outside the model). The study finds that corporate taxes are an important determinant of the market value of listed manufacturing firms in Nigeria. It suggests standardizing tax practices in manufacturing firms and be cautious with tax management and planning to lessen the burden of taxes thus lowering capital cost. Firms are also encouraged to investigate investment opportunities with lower tax rates, keep the cost of capital at a level less than the rate of return expand their business and subject themselves to legitimate incentives in tax policy such as reinvestment reliefs, taxes paid suspended or dreams sunk into savings that will inevitably compound, all in order to reduce what they owe and increase value at firms.

Keywords: Corporate Taxes, Market Valuation, Corporate Income Tax, Capital Gain Tax, Tertiary Education Tax.