Comply with VAIDS or face sanctions, SEC warns players

The Securities and Exchange Commission has warned all capital market operators and public liability companies to comply with the Voluntary Assets and Income Declaration Scheme (latest March 31, 2018) or get sanctioned.

The commission urged them to comply with the Executive Order No. 004 (VAIDS), signed by the Acting President, Prof. Yemi Osinbajo, on June 29, 2017.

The Executive Order provides for an opportunity for taxpayers who are in default on their tax obligations under all relevant Federal and state tax laws, to regularise their tax status relating to previous tax periods and to fully and honestly declare their assets and income from sources within and outside Nigeria, and pay the taxes due on them within a period of nine months, commencing from July 1, 2017 to March 31, 2018.

It stressed, “Please note that while the statute of limitations for a tax investigation for honest returns is limited to six years, there is no limit where a fraudulent return has been submitted for assessment.

“The commission wishes to state that commencing from March 31, 2018, all CMOs and PLCs 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 circular shall result in appropriate sanctions in accordance with the law.”