Penalty for failing to register for VAT when required is:
ANo penalty
B₦50,000 first month + ₦25,000 each subsequent monthCORRECT
C10% of turnover
DImprisonment only
CITNIndirect Taxation
AI
Toaster Teacher
Why the answer is B, and why the others tempt you.
VAT Act: ₦50,000 in the first month of failure and ₦25,000 for each subsequent month of default.
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