Nigeria files tax evasion charges against Binance

The charges, filed at the Federal High Court in Abuja, were announced on Monday by the Federal Inland Revenue Service . The lawsuit implicates Binance with a four-count tax evasion accusation. READ ALSO: Binance executive arrested in Nigeria escapes…

In the suit, the Federal Government also accused Binance of failure to register with FIRS for tax purposes and contravening existing tax regulations within the country.One of the counts in the lawsuit pertains to Binance’s alleged failure to collect and remit various categories of taxes to the federation as stipulated by Section 40 of the FIRS Establishment Act 2007 as amended.

“Any company that transacts business in excess of N25 million annually is deemed by the Finance Act to be present in Nigeria,” media aide to FIRS chairman Dare Adekanmbi said in a statement.“According to this rule, Binance falls into that category. So, it has to pay taxes like Company Income Tax and also collect and pay Value Added Tax .

“FIRS, by the law setting it up and various others, is empowered to assess, collect and account for revenue accruing to the Federation and administer relevant tax laws.”Before flagging, please keep in mind that Disqus does not moderate communities. Your username will be shown to the moderator, so you should only flag this comment for one of the reasons listed above.

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