ICANTaxationValue Added Tax2023

Failure to file a VAT return attracts a penalty of:

A₦10,000 for the first month and ₦5,000 for each subsequent month of default
B₦50,000 for the first month and ₦25,000 for each subsequent month of defaultCORRECT
C10% of the VAT due
DNo penalty where no VAT is payable
AI
Toaster Teacher
Why the answer is B, and why the others tempt you.
The VAT Act as amended imposes ₦50,000 for the first month of failure to file and ₦25,000 for each subsequent month, regardless of whether any VAT was payable for the period.
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