The penalties for non-compliance have been made significantly stricter to encourage adherence to the new laws:
- Late Filing: ₦100,000 initial penalty, plus ₦50,000 for every month the failure continues.
- Failure to Use E-invoicing: A flat penalty of ₦5 million.
- Hiring a Vendor Not Registered for Tax: A penalty of ₦5 million.
- Engaging in Tax Avoidance Schemes: A penalty of ₦10 million.
