I received a tax penalty notice from FIRS

Section 40 imposes 10% penalty for late payment of tax. This is added to the tax you already owe.

Section 35 charges interest on unpaid tax from the due date. The longer you delay, the more you pay.

Section 41 penalizes failure to keep records: ₦50,000 initial fine plus ₦10,000 per day continuing.

Section 27 allows you to request review within 30 days if you believe the penalty is unjustified.

Section 36 ensures fair hearing - you can challenge penalties through proper appeal procedures.