Section 128 Nigeria Tax Administration Act 2025

Section 128 of the Nigeria Tax Administration Act 2025 is about Failure to file estimated and actual returns on due date. It provides as follows:

(1) A company which fails to file any of the estimated or actual returns under this Act on the due date is liable to pay for late filing for each of the return not filed, a penalty of –
(a) 10,000,000 on the first day the failure occurs and 2,000,000 for each subsequent day in which the failure continues ; or

(b) any other sum as may be prescribed by the Minister by an order published in the Official Gazette.

(2) Where the further returns for estimated tax provided for under section 16 of this Act is not made, the Service shall impose interest at the prevailing SOFR or any other successor rate plus 10% points for the differential of the revised tax over the estimated tax paid by the company.

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