It is a serious offence for a taxpayer not to file tax returns annually under the Nigeria tax laws.
Besides viewing the failure when discovered, as a serious case of tax fraud and evasion, the Board will determine the appropriate assessment for all the years on its Best-of-Judgment (BOJ) and penalize the offender severely in accordance with the tax laws.
Penalty for late filling of returns at the due date Section 55, companies income Tax Act Cap 21 LFN 2004 stipulates a payment of penalty by a Company that fails to comply with the filling of relevant tax returns as follows:
• N25, 000 in the first month in which it fails to file its tax returns and
• N5, 000 for each subsequent month in which the failure continues.
In addition, any Directors Secretary, Servant or Agent of a defaulting Company who is found guilty of connivance, neglect or acquiescence to the commission of the offence of noncompliance with the above provision shall be liable to a fine of N100, 000 or imprisonment for 2 (two) years or both such fine and imprisonment.
These audited accounts and returns shall be filed not later than six months after the close of the company’s accounting year.

www.InnerKonsult.com Nigeria Accounting, Tax, Audit & Investigation service 0 80 384 600 36