Monday , June 17 2024

Buhari Proposes Stiffer Penalties on Tax Defaulters

President Muhammadu Buhari is proposing stiff penalties of up to N20 million, against first offenders among oil companies operating in the country, and which fail to follow the provisions of the Petroleum Profit Tax Act.

An additional N2 million daily after the first offence is added to the proposal. BREAKING: President Buhari Sends N819.5Billion Supplementary Budget to National Assembly (spadetv.africa)

The stiff penalties and several other provisions, which include payment of tax on what the government described as digital assets, are contained in the 2022 Finance Act recently sent to the National Assembly by the President to guide the implementation of the 2023 budget.

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