President of Nigeria, Muhammadu Buhari has proposed stiff penalties of up to N20 million, against first offenders among oil companies operating in the country, and which fail to comply with the provisions of the Petroleum Profit Tax Act.
He also proposed an additional N2 million daily after the first offence.
The stiff penalties and several other provisions, which include payment of tax on what the government described as digital assets, are contained in the 2022 Finance Act recently sent to the National Assembly by the President to guide the implementation of the 2023 budget.
