26 July 2017

Nigeria: SEC to Sanction Operators, Companies Over Tax Default

The Securities and Exchange Commission (SEC) in a circular culled from its website wishes to inform all Capital Market Operators (CMOs) and Public Limited Company (PLCs) on a new executive order by the Federal Government of Nigeria to comply with the new rule of Taxpayers on Voluntary Assets and Income Declaration Scheme (VAIDS) or face penalty.

The SEC is encouraging all taxpayers in the Capital Market (i.e. 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.

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