• 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

Microsoft Appoints Samer Abu-Ltaif as President of EMEA Region

Microsoft has announced the appointment of Samer Abu-Ltaif as President of Microsoft Europe, Middle East, and Africa (EMEA).…

Oando Reports N4.1 Trillion Revenue and N65.5 Billion Profit-After-Tax in FY 2024 Results

Oando PLC, Africa’s leading integrated energy company listed on both the Nigerian Exchange Group (NGX) and Johannesburg Stock…

Safaricom M-PESA and Awash Insurance Join Forces to Transform Insurance Payments in Ethiopia

Safaricom M-PESA has entered a strategic partnership with Awash Insurance, Ethiopia’s leading private insurance provider, to integrate its…

Ecobank Supports Traders Affected by Kantamanto Market Fire

Ecobank has swiftly mobilized critical support for affected traders in the wake of the devastating fire at Kantamanto…

Leave a Reply

Your email address will not be published.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