Section 128 — Failure to file estimated and actual returns on due date

(1) A company which fails to file any of the estimated or actual returns under this Act on the due date is liable to pay for late filing for each of the return not filed, a penalty of—

(a) ₦10,000,000.00 on the first day the failure occurs and ₦2,000,000.00 for each subsequent day in which the failure continues; or

(b) any other sum as may be prescribed by the Minister by order published in the Official Gazette.

(2) Where the further returns for estimated tax provided for under section 16 of this Act is not made, the Service shall impose interest at the prevailing SOFR or any other successor rate plus 10% points for the differential of the revised tax over the estimated tax paid by the company.