• Home
  • News
  • SEC To Sanction Capital Market Operators, Public Limited Companies over Tax Default
Image

SEC To Sanction Capital Market Operators, Public Limited Companies over Tax Default

sec

The Securities and Exchange Commission (SEC) has asked all Capital Market Operators (CMOs) and Public Limited Company (PLCs) to strictly comply with a new executive order on Taxpayers on Voluntary Assets and Income Declaration Scheme (VAIDS) or face penalty.

The Executive Order on VAID signed by the Acting President 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

“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.”

Related Posts

KW-PPA calls for stronger collaboration for service delivery

The General Manager of the Kwara State Public Procurement Agency (KW-PPA), QS Raheem Abdulbaki, has called for enhanced…

Maersk expands West Africa footprint with Senegal facility

In a bold move to strengthen its logistics footprint across West Africa, global shipping and logistics giant Maersk…

Kenya:Britam profit jumps 53.5% for fourth straight year

Britam Holdings posted a 53.5 percent jump in net profit to a record Sh5.03 billion ( over $38.9…

Lobna Helal leads Telecom Egypt board

Telecom Egypt has ushered in a new chapter with the appointment of Lobna Helal as the chair of…

Leave a Reply

Your email address will not be published. Required fields are marked *