Section 101 — Failure to file returns

A taxable person who fails or refuses to file returns or knowingly files incomplete or inaccurate returns to the relevant tax authority in accordance with the provisions of this Act, shall be liable to pay an administrative penalty of—

(a) ₦100,000.00 in the first month in which the failure occurs; and

(b) ₦50,000.00 for each subsequent month in which the failure continues.