Tax is a compulsory levy imposed by the government on income, goods or services. The Tax Clearance Certificate is the certificate issued by the FIRS evidencing tax compliance by an individual or company for a period of time, usually 3 (three) years. The TCC show that your business is tax complaint.
Tax evasion, i.e. the illegal avoidance of tax payment, is a criminal offence actionable in our courts. Our tax laws have several monetary penalties and fines, as well as criminal sanctions for tax offenders. Section 40 of the FIRS ACT of 2007 recommends imprisonment for a period not exceeding three years in addition to the payment of the uncollected or unremitted taxes, along with a penalty of 10% of the tax withheld per annum plus interest at the prevailing CBN rate.
Don’t be on the foul side of the law. Be tax compliant!
We have a team of competent tax consultants readily available to assist you with all your tax compliance needs. Visit www.businesslegal.ng or send us a message today.