<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/nigeria-takes-legal-steps-against-binance-over-tax-compliance-issues" rel="noopener noreferrer nofollow">Nigeria Takes Legal Steps Against Binance Over Tax Compliance Issues</a><br></p>
<p style="text-align: justify">The Nigerian government has launched a criminal case against the prominent <a href="https://en.bitcoinhaber.net/bitcoins-resilience-and-adoption-from-rent-payments-to-etfs" rel="noopener noreferrer nofollow">cryptocurrency</a> platform <a href="https://en.bitcoinhaber.net/binance-ceo-discusses-companys-stance-and-future-plans" rel="noopener noreferrer nofollow">Binance</a>, accusing the company and its top officials of tax evasion. The Federal Inland Revenue Service (FIRS) has brought forward a four-count indictment to the Federal High Court in Abuja, which includes senior executives Tigran Gambaryan and Nadeem Anjarwalla, who are under Economic and Financial Crimes Commission (EFCC) oversight.</p>
<h2 id="binance-faced-with-four-count-tax-evasion-charge">Binance Faced with Four-Count Tax Evasion Charge</h2>
<p style="text-align: justify">The charges implicate Binance in failing to pay and remit required taxes such as value-added tax (VAT) and corporate income tax. The company is also accused of neglecting to file necessary tax returns and enabling users to bypass tax obligations via their trading platform. Moreover, the government asserts that Binance has not complied with tax registration protocols and has violated various tax laws within Nigeria.</p>
<p style="text-align: justify">The amended FIRS Establishment Act 2007, specifically Section 40 concerning the non-remittance of taxes, underpins the legal case against Binance. Allegations include Binance’s failure to issue proper VAT invoices, hindering tax assessments, and facilitating tax evasion for its users.</p>
<h2 id="firs-chairman-outlines-tax-obligations-for-businesses">FIRS Chairman Outlines Tax Obligations for Businesses</h2>
<p style="text-align: justify">Dare Adekanmbi, spokesperson for the FIRS chairman, clarified that businesses with annual operations exceeding N25 million are required to pay taxes including Corporate Income Tax and VAT. Adekanmbi emphasized the government’s resolve to enforce tax laws and address financial irregularities in the burgeoning cryptocurrency industry. He also noted the power vested in FIRS to manage tax assessments, collections, and enforcement of tax regulations.</p>
<p style="text-align: justify">This action against Binance signifies the Nigerian government’s commitment to enhancing tax compliance and exerting greater control over the cryptocurrency domain, reflecting a trend of increased regulatory attention worldwide.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/nigeria-takes-legal-steps-against-binance-over-tax-compliance-issues" rel="noopener noreferrer nofollow">Nigeria Takes Legal Steps Against Binance Over Tax Compliance Issues</a></h5>

Nigeria Takes Legal Steps Against Binance Over Tax Compliance Issues

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