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Reading: Nigeria Initiates Legal Action Against Binance for Alleged Tax Evasion
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COINTURK NEWS > Binance > Nigeria Initiates Legal Action Against Binance for Alleged Tax Evasion
Binance

Nigeria Initiates Legal Action Against Binance for Alleged Tax Evasion

In Brief

  • Nigeria government starts legal proceedings against Binance.

  • Accusations include tax evasion and failure to register for tax purposes.

  • Legal action reflects efforts to regulate cryptocurrency market compliance.

COINTURK NEWS
COINTURK NEWS 1 year ago
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Nigeria government has reached a new phase in its tension with the global cryptocurrency exchange Binance, initiating criminal prosecution for allegations of tax evasion.

Contents
The Accusations Are Quite SeriousFIRS Chairman Makes a Statement

The Accusations Are Quite Serious

Recently, the Nigeria Federal Inland Revenue Service (FIRS) disclosed accusations presented to the Federal High Court in Abuja, placing Binance and its senior executives under a four-count charge of tax evasion. In addition to the cryptocurrency exchange, senior executives Tigran Gambaryan and Nadeem Anjarwalla, who are currently under the supervision of the Economic and Financial Crimes Commission (EFCC), are also defendants in the case.

The charges against Binance and its executives include failing to pay value-added tax (VAT) and corporate income tax, not filing tax returns, and aiding customers in evading taxes through the platform. Furthermore, the Federal Government accuses Binance of not registering with the FIRS for tax purposes and violating existing tax regulations in the country.

The amended Section 40 of the FIRS Establishment Act 2007, which deals with the non-deduction and non-remittance of taxes, forms the basis of one of the legal violations in the case against Binance. The accusations detail alleged violations of tax laws by Binance, such as not issuing VAT invoices, obstructing tax assessments, and preventing users from making tax payments.

FIRS Chairman Makes a Statement

The media aide to the FIRS chairman, Dare Adekanmbi, emphasized that any company conducting business exceeding N25 million annually is obliged to pay taxes such as Corporate Income Tax (CIT) and Value-Added Tax (VAT).

Adekanmbi also highlighted the Federal Government’s determination to ensure compliance with tax regulations and to combat financial misconduct in the cryptocurrency sector. Moreover, he stressed the authority of FIRS to assess, collect, account for accruing revenue, and enforce relevant tax laws.

The legal process against Binance in Nigeria is part of the government’s efforts to maintain tax compliance and regulate the cryptocurrency market amidst increasing global scrutiny.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 25 March, 2024 - 12:13 pm 25 March, 2024 - 12:13 pm
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