SEC to sanction capital market operators, public limited companies over tax default

The Securities and Exchange Commission (SEC) has asked all Capital Market Operators (CMOs) and Public Limited Company (PLCs) to strictly comply with a new executive order on Taxpayers on Voluntary Assets and Income Declaration Scheme (VAIDS) or face penalty.

The Executive Order on VAID signed by the Acting President Prof. Yemi Osinbajo on June 29, 2017 stated that, taxpayers who are under all relevant Federal and State Tax laws are advised to regularize their tax status by honestly declaring their assets and incomes from sources within and outside Nigeria.

“SEC wishes to state that commencing from March 31, 2018, all CMO’s and PLC’s shall be required to show evidence of compliance with VAIDS or a clean tax status as part of their mandatory submissions to the Commission. Failure to comply with this public notice shall result in appropriate sanctions in accordance with the law.”

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