The days of treating tax non-compliance as a purely administrative matter are over, as Nigeria’s new tax legislation introduces a couple of stringent penalties, including N10,000,000 liable to non compliance by Virtual asset service providers and the prospect of imprisonment for up to 10 years for physically assaulting a tax officer.
According to the new law, non-compliance by virtual asset service providers attracts a fine of N10 million for the first month of default and N1 million per additional month, along with possible suspension or re
