Offences And Penalties For Inside Di New Nigerian Tax Act (1)

Di new Nigerian Tax Act wey go start on January 1, 2026, don dey praised as reform wey fit transform di economy, promote equity among di people, improve di financial capacity of low and medium-class workers and finally bridge Nigeria’s long-time infrastructural gap. To make sure compliance and proper implementation dey work, government don set clear guidelines with penalties for anybody wey violate di law. Under di new act, failure to register go attract N50,000 for di first month and N25,000 for every month after dat, while failure to file VAT returns carry N100,000 for di first month and N50,000 monthly after. Failure to keep books na N50,000 for companies, and failure to grant access for deployment of technology go cost N1,000,000 for di first day plus N10,000 daily. Failure to use fiscalisation system na N200,000 plus 100% of tax due and interest based on CBN rate. Failure to deduct tax go cost 40% of di amount, and failure to make attribution get N100,000 penalty. Anybody wey fail to remit deducted tax must pay di withheld amount plus 10% administrative penalty yearly and interest at CBN monetary policy rate. For self-account cases, person go still pay di tax not accounted for, plus 10% administrative penalty yearly and interest. Anybody convicted of any of dis offences fit get up to three years imprisonment or fine of not less than di principal amount plus up to 50% penalty or both. Failure to attend to demands, requests or notices na N100,000 di first day and N10,000 daily after. Failure to provide required tax information carry N200,000 di first day and N10,000 daily, while failure to submit information on legal arrangements or comply with notices or guidelines attracts N1,000,000 di first day plus N10,000 daily, and more penalties fit follow based on related circulars.

Di act still list heavy penalties for VASP non-compliance — N10,000,000 for di first month and N1,000,000 monthly after, or even suspension or revocation of licence by SEC. Failure to stamp documents go attract 10% of unpaid duty plus CBN interest, and failure to disclose facts for dutiable instruments carry N100,000 or N50,000 fine on conviction or up to three years jail. Failure to notify change of address go cost N100,000 first month and N5,000 monthly after. Fraud relating to stamps fit lead to three years jail or N2,000,000 fine or both. Offence by authorised or unauthorised persons carry penalty of 200% of di amount or three years imprisonment. Inducement of authorised officers na N500,000 for individuals and N2,000,000 for companies, plus jail term. Use of weapon while committing tax offence fit lead to five years jail, and if person injure a tax officer while armed, di punishment fit reach ten years. Impersonation of authorised officer carry up to N1,000,000 fine or three years jail. Aiding and abetting na N1,000,000 fine or three years imprisonment. Obstruction, hindering, assaulting or preventing authorised officers during search or seizure attract administrative penalty of N1,000,000 and on conviction another fine up to N1,000,000 or imprisonment.