Penalty for late filing of CIT returns is typically:
AZero
B₦25,000 in first month + ₦5,000 each subsequent monthCORRECT
C₦1 million flat
D5% of revenue
CITNTax Audit
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Toaster Teacher
Why the answer is B, and why the others tempt you.
CITA penalty: ₦25,000 in the first month of default plus ₦5,000 for each subsequent month.
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