Tax is a statutory duty owed to the government. It’s a criminal offence to evade taxes in Nigeria. But the question is: What is the punishment for tax evasion?
Before delving into that, let us first of all consider the question: What is tax evasion?
It would do a lot of good to know what tax evasion is before considering the punishment for tax evasion.
Let’s begin with that.
What Is Tax Evasion?
Tax evasion is the wilful omission or refusal to pay taxes as required in Nigeria.
For example, where you falsify tax returns, failure to file tax returns, etc.
Where allegations of tax evasion are brought against you and you are found guilty, you may be prosecuted in a court of law and sentenced accordingly.
By virtue of the provisions of the FIRS Act 2007, failure to pay taxes in Nigeria attracts a jail term of not more than three years.
Apparently, one can be jailed for tax evasion in Nigeria pursuant to a court prosecution.
Conclusively, you might want to engage quality tax advisory to ensure you do not flout the tax laws and go to jail.
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References
1 https://proguide.ng/punishment-for-tax-evasion-in-nigeria/#:~:text=Failure%20to%20remit%20or%20make,interest%20following%20CBN%20interest%20rate accessed on March 30 2023
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