AS PART of Nigeria’s efforts
to generate substantial
income for self-sustainability
through tax, the Securities and
Exchange Commission (SEC)
has widened mandatory
submissions to include
evidence of compliance with
Voluntary Assets and Income
Declaration Scheme (VAIDS)
or a clean tax status to be
submitted by Capital Market
Operators (CMO’s) and
Publicly Listed Companies
(PLC’s)
SEC in in a statement by Mr
Naif Abdulsalam, the Head,
Corporate Communication
said the directive was on the back drop of the new
executive order by the
Federal Government of
Nigeria, to comply with the
new rule of taxpayers on
VAIDS.
It said, “The SEC is
encouraging all taxpayers in
the Capital Market to comply
with the new Executive
Order No. 004 on VAIDS
before the expiration of the
nine-month grace period as
specified by the FG.
“The Executive Order on
VAID was signed by the
Acting President of the
Federal Republic of Nigeria,
Prof. Yemi Osinbajo, on June 29, 2017.
“It stated that taxpayers
who are under all relevant
Federal and State Tax laws
are advised to regularise
their tax status by honestly
declaring their assets and
incomes from sources within
and outside Nigeria.
“`The SEC also wishes to
state that 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, it stated that the
decree of limitations for a
tax investigation for honest
returns was limited to six
years. It said there was no
limit where a fraudulent
return had been submitted
for assessment to the
commission. He reiterated
that all CMO’s and PLC’s
should comply with the
order by taking advantage
of the nine months grace
period to rectify their tax
status.

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