Various penalty provisions for offences committed in the Acted have been increased upward as detailed below:

Section Offences Old Penalty New Penalty
S.74(1) Failure to deduct/ remit 10% of taxes not deducted or N5,000 whichever is higher 10%of taxes not deducted/ remitted plus interest at the prevailing monetary policy of CBN
S.81(3) Failure to file returns by Employers N500,000 (BODY Corporate) N50,000 (individual)
S.85(7a & b) Giving of incorrect information for the purpose of obtaining Tax Clearance Certificate or obtaining Tax Clearance Certificate through misrepresentation, forgery of falsification Fine of N50,000 plus twice the Tax payable by him or three years imprisonment or both, such fine and imprisonment
S.94 Failure furnish a return statement, information or to keep records required N200 in the 1st instance N40 for Everyday N5000, a further sum of N100 daily during which the failure continues and in default of payment to imprisonment for six (6) months




Making incorrect returns by omitting or understanding any income liable to tax.

Giving of incorrect information affecting the liability to tax

10% of the correct Tax Fine of N20,000 in the first instance and double the amount of tax which have been under charged in consequence of incorrect return or information











Making false statements and returns for the purpose of obtaining a deduction, set-off, relief overpayment in respect of tax for himself or any other person.

Any person who aids, abets, assists, counsels, incites or induces any other person to:

Deliver a false return or statement

To keep and prepare false account or particulars concerning any income on which tax is payable

Any person who unlawfully refuses or neglects to pay tax is guilty of an offence and is liable on conviction

N5,000 or Five (5) Years imprisonment








N5,000 of Five Years Imprisonment

N500,000 for Corporate body

N50,000 for individuals or imprisonment for six months




N5,000 or Five (5) Years Imprisonment


S.97 Offences by authorized and unauthorized persons N1,000 or three (3) Years imprisonment or both N100,000 or three (3) Years imprisonment or Both