85 Failure to deduct and remit Tax, Fee, Levy or Charge

If a Person obliged to deduct any Tax, Fee, Levy of Charge under this Law or any other applicable Law fails to deduct or having deducted, fails to pay or remit to the Service within 30 days from the date the amount was deducted or the time the duty to deduct arose, such a Person, commits an Offence and shall on Conviction be liable to pay the Tax withheld or not remitted in addition to a Penalty of 10% of the Tax withheld or not remitted per annum and Interest at 5% above the prevailing Central Bank of Nigeria Monetary Policy Rate.