Regulatory Alerts2017-07-25
SEC Circular on VAIDS Compliance for Capital Market Operators and Public Limited Companies under Executive Order No. 004 of 2017
The Securities and Exchange Commission mandates all Capital Market Operators and Public Limited Companies to comply with Executive Order No. 004 of 2017, which establishes the Voluntary Assets and Income Declaration Scheme (VAIDS). Entities in default must utilize the nine-month grace period from July 1, 2017, to March 31, 2018, to regularize their tax status and declare assets and income from Nigerian and foreign sources. Commencing March 31, 2018, these organizations must submit proof of VAIDS compliance or a clean tax record to the Commission, with failure triggering statutory sanctions.
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