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Federal Government Files Charges Against Binance Over Tax Evasion

In a bold move to enforce tax compliance, the Federal Government has taken legal action against Binance, a major cryptocurrency exchange platform. The charges, filed at the Federal High Court in Abuja by the Federal Inland Revenue Service (FIRS), mark a significant step in upholding fiscal responsibility and protecting the nation’s economic integrity.

Binance, along with senior executives Tigran Gambaryan and Nadeem Anjarwalla, faces accusations of tax evasion, with FIRS citing four main charges including non-payment of Value-Added Tax (VAT), Company Income Tax, failure to file tax returns, and facilitating customer tax evasion through its platform.

The government’s lawsuit also alleges that Binance failed to register with FIRS for tax purposes and violated existing tax regulations. Notably, one of the counts relates to Binance’s alleged failure to collect and remit various taxes as required by law, with penalties and potential imprisonment outlined for such violations.

A key aspect of the charges involves instances where Binance reportedly obstructed tax determination and payment by subscribers by not issuing invoices for VAT purposes. According to tax experts, any company conducting business exceeding N25 million annually in Nigeria is obligated to pay taxes, including Company Income Tax and Value Added Tax.

FIRS, empowered by law to assess, collect, and account for revenue, is taking firm action to ensure tax compliance. This move comes after Binance’s admission of guilt for violating anti-money laundering laws in the United States, resulting in a substantial $4.3 billion settlement in late 2023.

The legal proceedings against Binance underscore the government’s commitment to enforcing tax laws and promoting financial transparency in the cryptocurrency sector. As the case unfolds, it will undoubtedly have significant implications for both Binance and the broader crypto industry in Nigeria. Stay tuned for further updates on this developing story.

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