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SEC Directs CMOs & Public Limited Companies to Comply with Executive Order No.004 of 2017 on VAIDS

Proshare

Tuesday, July 25, 2017 1:49PM / SEC

The Securities and Exchange Commission (The Commission) wishes to draw the attention of all Capital Market Operators (CMO’s) and Public Limited Companies (PLCs) to Executive Order No. 004 “Voluntary Assets and Income Declaration Scheme” (VAIDS), signed by the Acting President of the Federal Republic of Nigeria, Prof. Yemi Osinbajo on the 29th of June 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 regularize 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 (9) Months, commencing from the 1st of July 2017 to the 31st of March 2018.

 

Please note that while the statute 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.

 

Consequently, all CMOs and PLCs who are in default or contemplated within the Executive Order, are expected to take advantage of the Nine (9) Months grace period to rectify their tax status in compliance with the order.

 

The Commission wishes to state that commencing from 31st March, 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.

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