Section 19: Amendment of section 53

Section 53 of the Principal Act is amended -
(a) in subsection (1)(a), by inserting after the words “forges or”, the words “fraudulently alters or uses,”;
(b) in subsection (1)(b) (iii) by substituting for the phrase, “shall be guilty of an offence and shall be liable to a fine of N1,000 and treble the amount of tax for which the person assessable is liable under this Act for the accounting period in respect of or during which the offence was committed, or to imprisonment for six months or to both such fine and imprisonment”, the phrase,
“shall be liable to an administrative penalty of the higher of the sum of N15,000,000 and 1% of the amount of tax for which the person assessable is liable to under this Act for the accounting period in respect of or during which the act or omission occurred and shall, in addition, be liable for appropriate tax which would have been assessed and charged”; and
(c) by inserting after subsection (1) a new subsection “(1A)” -
“(1A) Notwithstanding the provisions of subsection (1) of this section, any person who does any of the acts or makes the omissions contained in subsection (1) of this section, commits an offence, and on conviction, shall, in addition to the appropriate tax which would have been assessed and charged, be liable to a fine of the higher of the sum of N15,000,000 and 1% of the amount of tax for which the person assessable is liable to under this Act for the accounting period in respect of or during which the offence was committed, or to imprisonment for six months or to both the fine and imprisonment.”