VAIDS: SEC moves to enforce compliance by CMO
The Securities and Exchange Commission (SEC or the Commission) on 25 July 2017, issued a general circular mandating Capital Market Operators (CMO) and Public Limited Companies (PLC) to ensure that they regularize their tax status under the Voluntary Assets and Income Declaration Scheme (VAIDS) recently signed by the Acting President – Professor Yemi Osinbajo.
The Voluntary Asset and Income Declaration Scheme (VAIDS) boat sets afloat
Nigeria’s Acting President, Prof. Yemi Osinbajo, signed a new Executive Order that provides legal backing to a new tax amnesty regime in Nigeria on Thursday, 29 June 2017. VAIDS offers Nigerian taxpayers (individuals and corporate organisations) who have not been compliant with their tax obligations to regularise their tax affairs by providing a soft-landing, which includes a waiver of penalties and interest as well as immunity from tax audit and prosecution. It also provides protection of confidential information.