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- The Federal Government reiterates its commitment to enforcing tax compliance and tackling financial irregularities within the cryptocurrency sphere, showcasing a proactive approach towards fiscal responsibility.
- In a decisive maneuver aimed at upholding financial integrity, the Federal Government commences legal proceedings against Binance, a prominent digital currency exchange platform, over purported tax evasion.
- The allegations, formally lodged at the Federal High Court in Abuja, were disclosed by the Federal Inland Revenue Service (FIRS) on Monday, marking a pivotal milestone in regulatory supervision of the cryptocurrency domain.
- Designated as case number FHC/ABJ/CR/115/2024, the litigation implicates Binance, alongside senior executives Tigran Gambaryan and Nadeem Anjarwalla, on four counts of tax evasion and financial malpractice.
- Accusations leveled against Binance encompass its failure to remit Value-Added Tax (VAT), Company Income Tax, non-submission of tax returns, and purported facilitation of tax evasion by its platform users.
- Additionally, the Federal Government alleges Binance’s non-compliance with tax registration prerequisites and contravention of extant tax statutes, spotlighting infractions of tax regulations within Nigerian jurisdiction.
- Specific indictments delineate instances where Binance allegedly flouted tax statutes, including its failure to issue VAT invoices and inability to collect and remit diverse taxes to the federation, as mandated by law.
- FIRS underscores the statutory obligation of companies operating in Nigeria, Binance included, to discharge tax liabilities, emphasizing the ramifications of non-adherence and potential legal consequences.
- Endowed with the authority to enforce tax statutes and oversee revenue collection, FIRS’s legal action against Binance underscores the government’s resolve to uphold transparency, accountability, and regulatory compliance within the cryptocurrency realm.
