The Securities and Exchange Commission (SEC) has advised Capital Market Operators (CMOs) and Public Limited Company (PLCs) to comply with the Voluntary Assets and Income Declaration Scheme (VAIDS) or face penalty.
According to a statement, SEC is encouraging all taxpayers in the Capital Market (CMOs and PLCs) to comply with the new Executive Order No. 004 on VAIDS before the expiration of the 9 month grace period as specified by the FG.
“In order words, the Executive Order on VAID signed by the Acting President of the Federal Republic of Nigeria, 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.
“Furthermore, the 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.
“However, the decree of limitations for a tax investigation for honest returns is limited to six (6) years; there is no limit where a
fraudulent return has been submitted for assessment.
“In a nutshell, all CMO’s and PLC’s are hereby duly advised to comply with the Executive Order by taking advantage of the nine (9) months
grace period to rectify their tax status in complying with the order”, said the statement signed onbehalf of SEC management by Naif Abdussalam.
