Section 18: Substitution for Section 51 and 52

“51. Penalty for offences
(1) A person who fails to comply with the provisions of this Act or any Regulations made under this Act for which no other penalty is specifically provided, shall be liable to an administrative penalty of N10,000,000, and where the default continues beyond a period stipulated by this Act or Regulations, the person shall be liable to a further administrative penalty of N2,000,000 for each day the default continues or such other sum as may, by order, be prescribed by the Minister of Finance.
(2) Notwithstanding the provisions of subsection (1) of this section, a person who is found guilty of an offence under this Act or Regulations made under this Act for which no other penalty is specifically provided, shall, upon conviction, be liable to a fine of N20,000,000 or such other sum as may, by order, be prescribed by the Minister of Finance, or to imprisonment for six months or to both fine and imprisonment.
(3) A person who -
(a) fails to comply with the requirements of a notice served on him under this Act;
(b) fails to comply with the provisions of section 30 of this Act;
(c) without sufficient cause fails to attend or answer to a notice or summons served on him under this Act or having attended fails to answer any question lawfully put to him; or
(d) fails to submit any return required to be submitted under sections 30 or 33 of this Act, shall be liable to administrative penalty prescribed under subsection (1) of this section or upon conviction, be liable to penalty prescribed under subsection (2) of this section.
(4) Any violation in respect of which a penalty is provided for in this section shall be deemed to occur in Nigeria.
52. Penalty for making incorrect accounts
(1) A person who without reasonable excuse -
(a) makes up or causes to be made up any incorrect accounts by omitting or understating any profits or overstating any losses of which he is required under this Act to make up accounts,
(b) prepares or causes to be prepared any incorrect schedule or statement required to be prepared under section 30 of this Act by overstating any expenditure or overstating any royalties or other sums or by omitting or understating any amounts repaid, refunded, waived or released, or
(c) gives or causes to be given any false or misleading information in relation to any matter or thing affecting his liability to tax,
is liable to an administrative penalty of the higher of the sum of N15,000,000 and 1% of the amount of tax which has been undercharged in consequence of such incorrect account, schedule, statement or information or would have been so undercharged if the account, schedule, statement or information had been accepted as correct and shall, in addition, be liable for the appropriate tax which would have been charged.
(2) Notwithstanding the provisions of subsection (1) (c) of this section, a person who gives or causes to be given any false or misleading information in relation to any matter or thing affecting his liability to tax commits an offence and upon conviction is liable to a fine of the higher of the sum of N15,000,000 and 1% of the amount of tax which has been undercharged in consequence of such incorrect account, schedule, statement or information, or would have been so undercharged if the account, schedule, statement or information had been accepted as correct and shall, in addition, be liable for the appropriate tax which would have been charged.
(3) The Service may compound any offence under this Act by accepting a sum of money not exceeding the maximum fine specified for the offence and shall issue an official receipt for any money so received.”