14/06/2026
Failure to Keep Record or Books Attracts Penalty.
A taxpayer, whether an individual or a company is expected by law to keep record or books of all business transactions consummated and upon request by the tax authority, such records should be presented by the taxpayer.
Where a taxpayer failed to keep record or books, and also failed to present such upon request by relevant tax authority, the taxable person is liable to a penalty of N10,000 and N50,000 for individual and company respectively.
Section 102 of the Nigeria Tax Administration Act, 2025.
