Nigeria Introduces Severe Penalties for Tax Evasion in 2025
The Nigerian government has introduced new tax laws with extensive penalties targeting individuals and companies evading tax payments. Penalties include fines ranging from N50,000 to N1 million for various offenses such as failure to register for tax, maintain proper records, or process taxable supplies.
Non-compliance can lead to daily fines, suspension of licenses, and even criminal sanctions like imprisonment. The aim is to enhance fiscal compliance and correct widespread tax evasion practices, as stated by Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reform.
Plus234Feed summary based on reporting from Legit NG. Read the original report below.
Read full article
Continue on Legit NG
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
Nigeria Introduces New Tax Regime: Compliance, Penalties, and Dispute Resolution Explained
Nigeria Implements New Tax Law Targeting Individuals and Businesses
Nigeria Tax Act 2025: Practical Steps for Small Businesses Amid Reform Confusion
Nigeria Introduces 50 Tax Exemptions and Reliefs in New Law
Nigeria's 2025 Tax Reforms Spark Public Outcry and Trust Concerns
Nigerian Government Explains Simplified Tax Process Effective 2026
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
