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BREAKING: FG Slams 4-Count Tax Evasion Charges Against Binance

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The federal government, in a significant move geared towards protection of national economic integrity and fiscal sustainability, filed a lawsuit against well-known cryptocurrency exchange site Binance.

The Federal Inland Revenue Service (FIRS) made the allegations public on Monday after they were formally filed before the Federal High Court in Abuja.

The case, which has the case number FHC/ABJ/CR/115/2024, accuses Binance of four counts of tax evasion.

Accompanying the crypto company as second and third defendants in the suit are Tigran Gambaryan and Nadeem Anjarwalla, both senior executives of Binance currently held in custody by the Economic and Financial Crimes Commission (EFCC).

The charges leveled against Binance include allegations of non-payment of Value-Added Tax (VAT), Company Income Tax, failure to file tax returns, and complicity in aiding customers to evade taxes through its platform.

Furthermore, the Federal Government accuses Binance of neglecting 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 purported 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.

This section explicitly addresses the non-deduction and non-remittance of taxes, prescribing penalties and potential imprisonment for defaulting entities.

The charges outline specific instances where Binance allegedly violated tax laws, such as the failure to issue invoices for VAT purposes, thereby impeding the determination and payment of taxes by subscribers.

“Any company that conducts business exceeding N25 million annually is deemed, by the Finance Act, to be present in Nigeria,” the FIRS noted in a statement.

“According to this rule, Binance falls into that category. So, it is obligated to pay taxes like Company Income Tax (CIT) and also collect and remit Value Added Tax (VAT). However, Binance did not adhere to these requirements, thus violating Nigerian laws and potentially facing investigation and legal action for this infraction.”

The Federal Government says it remains steadfast in its commitment to ensuring compliance with tax regulations and combating financial impropriety within the cryptocurrency sector.

By law, FIRS is empowered to assess, collect, and account for revenue accruing to the Federation and administer relevant tax laws.

Binance previously pleaded guilty to violating anti-money laundering laws in the United States in late 2023, reaching a plea bargain agreement that resulted in the company paying a hefty fine of $4.3 billion.

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JUST IN: President Tinubu, Shettima, Governors, Other VIPs To Pay Toll At Airports

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As part of the Federal Government drive to boost its revenue, the Federal Executive Council (FEC) has mandated that President Bola Tinubu, Vice President, Kashim Shettima, Governors and other dignitaries henceforth pay the required fees at tollgates whenever they use the nation’s airports.

The approval was made days after it was revealed that at least 82 percent of airport tollgate revenue is lost through non-paying Very Important Personalities (VIPs).

 

More to come…

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How Content Creator Was Shot Dead On Set In Abuja Over N2,000

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A fast-rising Nigerian content creator, Chidike Emmanuel, has been murdered by gunmen in Mpape, Abuja.

It was gathered that the skit maker was among six persons attacked by the gunmen last Saturday in the federal capital territory.

According to The Cable, source familiar with the incident said that Emmanuel was killed at the location of a project he was supposed to feature in.

The insider disclosed that the gunmen initially demanded money in order to allow them to shoot at the location.

The content creator was said to have given the armed men N2,000. However, what transpired that led to the shooting of the cast members remains unknown.

It was gathered some of the cast members who ran for safety suffered injuries.

Some users close to Emmanuel took to X to mourn the deceased while demanding justice.

“Chidike Emmanuel Obinna I have known you since 2018 You are such a calm and kind soul You couldn’t attend my wedding because you were far away but you sent me your gift #Justiceforchidi,” Helen wrote.

On her part, Rakeli added: “Obinna Chidike Emmanuel, please don’t die please. Pick my calls, reply my chat and tell me all that I am hearing is a lie. Biko I am loosing my mind”.

Efforts to reach Josephine Adeh, the FCT police spokesperson, to comment on the matter have been abortive.

Calls and messages to Adeh’s phone have not been responded to, as of the time of this report.

The development comes a few weeks after Junior Pope passed away after a boat accident on the River Niger in Asaba, Delta state.

The actor and some crew members were heading to a movie location when the boat accident occurred.

His family disclosed that the actor’s final rites will be held on May 17.

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Police Arrest Man ‘Strapped With Bomb’ Inside Bank In Plateau

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Security operatives have apprehended a man strapped with Person Borne Improvised Explosive Device (SPBIED) inside a bank in Plateau.

The individual was arrested at a bank in Dadin Kowa town, which is in Jos South LGA of the state, according to Zagazola Makama, a counter-insurgency journal that focuses on the Lake Chad region. According to the article, the incident happened on May 13.

Makama was informed by intelligence sources that the individual intended to set off the explosives at the bank, but a vigilante officer noticed him and alerted the authorities.

According to the publication, an enraged mob encircled the suspect after he was captured and demanded that he be murdered.

Makama could not confirm if the suspect is connected to the fighters of the Islamic State of West Africa Province (ISWAP).

The publication added that the suspect is in the custody of the police and currently undergoing investigation.

Nigeria has been battling insurgency for two decades, with suicide bombings, displacement of entire communities and kidnapping for ransom by the terrorists, recorded in that span.

The United Nations Children’s Fund (UNICEF) said about 83 children, mostly girls, were used as human bombs in 2017 alone.

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