Nigeria’s Securities and Exchange Commission (SEC) today issued a notice, that all market operators and public liability companies will be required to show evidence of a clean federal tax status, effective from March 31, 2018.
The securities commission says the evidence of tax payment which falls under the new Federal Government’s ”Voluntary assets and income declaration scheme”, would form part of each operator’s mandatory submissions to the regulator.
A circular issued by the SEC reminds all capital market institutions including the quoted companies, that there is no statutory limit of an investigation into fraudulent tax returns that are submitted for assessment.
The regulator says it will enforce appropriate sanctions on any market participant that fails to adhere to the Presidential Executive Order of July 1, 2017, giving a nine-month period of compliance with new tax amnesty scheme.
