120 Information to be delivered in respect of taxable persons

(1) Without prejudice to Clause 28 of this Law, the Service may, for the purpose of obtaining information relating to taxation, give Notice to any person, including a person engaged in banking business in Nigeria, to provide within the time stipulated in the notice, such information in respect of a taxable person as the Service may specify in the Notice.

(2) Any person who contravenes the provisions of this Clause commits an offence and shall be liable on conviction to a fine of Five Hundred Thousand Naira (N500,000.00) in the case of a body Corporate, and in the case of an individual a fine of Fifty Thousand Naira (N50,000.00) or Imprisonment for a term of Five years or to both such Fine and Imprisonment.