64 Penalties

(1) If a Collecting Agent fails to file a report and remit taxes collected within the time allowed by Clause 84 (2) of this Bill, that Agent shall, in addition to interest payable under Clause 86 of this Bill, pay a penalty of ten per cent of the amount of tax due.

(2) Any Director, Manager, Officer, Agent or Employee of the Collecting Agent who fails to comply with the provisions of this Bill, shall be guilty of an offence and liable on conviction to a penalty of six months imprisonment or a fine of One Million Naira (1,000,000.00) or both.