(middle) Director General, Securities and Exchange Commission, Mounir Gwarzo speaking at the SEC First Quarter Capital Market Committee Meeting.   Photo: Babatunde Atolagbe/JAU/NAN/file

By Victor Ernest

The Securities and Exchange Commission (SEC) has urged Capital Market Operators to comply with the new rule of Taxpayers on Voluntary Assets and Income Declaration Scheme or face penalty.

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The Head, Corporate Communication of SEC, Naif Abdulsalam, gave the warning in a statement on Tuesday.

The Order was signed by acting President Yemi Osinbajo on June 29, 2017.

It states that taxpayers who are under all relevant federal and state tax laws are advised to regularise their tax status by honestly declaring their assets and incomes from sources within and outside Nigeria.

”The SEC also wishes to state that 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,” Abdulsalam said.