Section 102 — Failure to keep books

A taxable person who—

(a) fails to keep accounts, books and records of business transactions and income, to allow for the correct ascertainment of tax and filing of returns to the relevant tax authority; or

(b) upon request by the relevant tax authority, fails to provide any record or book prescribed in this Act shall be liable to pay an administrative penalty, in the case of—

(i) a person other than a company, ₦10,000.00 and

(ii) in the case of a company, ₦50,000.00.