SECTION PART I.- PRELIMINARY 1. Short title 2 ... - Lexadin

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one under subsection (l) of section 22 of this Act, or is a failure to submit a return under section 31 of this Act or is a failure, arising from the provisions of Part VI of this Act, to deliver accounts, particulars or information or to keep records required, a further sum of two thousand naira for each and every day during which such offence or failure continues, and in default of payment to imprisonment for six months, the liability for such further sum to commence from the day following the conviction, or from such day thereafter as the court may order . (2) Any person who-- (a) fails to comply with the requirements of a notice served on him under this Act; or (b) having a duty so to do, fails to comply with the provisions of section 28 of this Act; or (c) without sufficient cause fails to attend in answer to a notice or summons served on him under this Act or having attended fails to answer any question lawfully put to him; or (d) fails to submit any return required to be submitted by section 27 of this Act in accordance with that section or in accordance with that section and section 32 of this Act, shall be guilty of an offence. (3) Any offence in respect of which a penalty is provided by subsection (1) of this section shall be deemed to occur in Lagos. 49. (1) Every person who without reasonable excuse – Penalty for making incorrect accounts,etc. (a) makes up or causes to be made up any incorrect account by omitting or overstating any losses of which he is required by this .Act to make up accounts; or (b) (c) prepares or causes to be prepared any incorrect schedule required to be prepared by section 28 of this Act by overstating any expenditure or any incorrect statement required to be prepared by section 28 of this Act by overstating any royalties or other sums or by omitting or understating any amounts repaid, refunded, waived or released; or gives or causes to be given any incorrect information in relation to any matter or thing affecting his liability to tax, shall be guilty of an offence and shall be liable to a fine of Nl,000 and double the amount of tax which has been undercharged in consequence of such incorrect accounts, - 458 -
schedule, statement or information, or would have been so undercharged if the accounts, schedule, statement or information had been accepted as correct. (2) No person shall be liable to any penalty under this section unless the complaint concerning such offence was made at any time within six years after the end of the accounting period in respect of which the offence was committed. (3) The Board may compound any offence under this section, and may before judgment stay or compound any proceedings thereunder. False statements and returns 50. (1) Any person who- (a) for the purpose of obtaining any deduction, rebate, reduction or repayment in respect of tax for himself or for any other person, or who in any return, account, particulars or statement made or furnished with reference to tax, knowingly makes any false statement or false representation, or forges or fraudulently alters or used, or fraudulently lends, or allows to be used by any other person any receipt or token evidencing payment of the tax under this Act; or (b) aids, abets, assists, counsels, incites or induces any other person- 1996 No. 31 Penalty for failure to withhold tax, etc. (i) (ii) (iii) to make or deliver any false return or statement under this Act, to keep or prepare any false accounts or particulars affecting tax, or unlawfully to refuse or neglect to pay tax, shall be guilty of an offence and shall be liable to a fine of Nl,000 and treble the amount of tax for which the person assessable is liable under this Act for the accounting period in respect of or during which the offence was committed, or to imprisonment for six months, or to both such fine and imprisonment. (2) The Board may compound any offence under this section and with the leave of the court may before judgment stay or compound any proceedings thereunder. 50A. Any person who, being required to deduct withholding tax under this Act, fails to deduct or, having deducted, fails to remit to the Federal Inland Revenue Service within 30 days from the date the amount was d d t d th ti th d t t d d t h ll b ilt f Annotation 19 - 459 -
Page 1 and 2: PETROLEUM PROFITS TAX ACT ARRANGEME
Page 3 and 4: 54. Saving for criminal proceedings
Page 5 and 6: this Act; "assessable profits" mean
Page 7 and 8: "Minister" means the Minister charg
Page 9 and 10: (e) the Board may by notice in the
Page 11 and 12: (3) No person appointed under or em
Page 13 and 14: (2) For the purposes of subsection
Page 15 and 16: (ii) all sums recovered by the comp
Page 17 and 18: e subject to the following conditio
Page 19 and 20: this Act, in computing the adjusted
Page 21 and 22: 1970 No. 22 business or the transfe
Page 23 and 24: (a) if as respects the trade or bus
Page 25 and 26: Chargeable profits and capital allo
Page 27 and 28: circumstances. mentioned in subsect
Page 29 and 30: Companies not resident in Nigeria 2
Page 31 and 32: Act, the liabilities for which were
Page 33 and 34: mentioned and the like consequences
Page 35 and 36: sickness or other reasonable cause,
Page 37 and 38: (b) the amount of the tax charged b
Page 39 and 40: (7) The onus of proving that the as
Page 41 and 42: estimated to be chargeable for such
Page 43: elief. (2) On receiving any such ap
Page 47 and 48: deducted and the nature of the acti
Page 49 and 50: Method of calculating relief to be
Page 51 and 52: or include therein additional power
Page 53 and 54: (c) capital expenditure (hereinafte
Page 55 and 56: Sale of buildings, etc. 1979 No. 24
Page 57 and 58: Provided that a balancing allowance
Page 59 and 60: (2) The provisions of sub-paragraph
Page 61 and 62: up to and including 100 metres of w

SECTION PART I.- PRELIMINARY 1. Short title 2 ... - Lexadin

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