How Missing Tax Filing Can Cost Your Small Business ₦650,000 in a Year
Many small business owners in Nigeria assume skipping tax filing will go unnoticed. In reality, the law imposes a ₦100,000 penalty for the first month and ₦50,000 for each additional month. If you don’t file for a full year, you’ll face ₦100,000 in month one plus ₦550,000 over the next 11 months. That adds up to ₦650,000 in penalties—money you could lose from profit, cash flow, or risk turning to debt. Avoid this costly mistake. Always file returns on time via official state revenue platforms. If you need guidance on tax or business laws in Nigeria, consult a reliable source to stay compliant and protect your bottom line.
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