Nigeria’s Federal Government has formally charged Binance, the world’s leading cryptocurrency exchange, with tax evasion.
This bold action, aimed at reinforcing fiscal discipline and securing the nation’s economic sovereignty, was initiated by the Federal Inland Revenue Service (FIRS) and is being adjudicated at the Federal High Court in Abuja.
Nigeria Accuses Binance of Tax Evasion
The FIRS has accused Binance and two of its high-ranking officials, Tigran Gambaryan and Nadeem Anjarwalla, of evading Value-Added Tax (VAT) and Company Income Tax, alongside failing to fulfill tax filing obligations. This case marks a significant chapter in Nigeria’s effort to ensure tax compliance within the cryptocurrency market.
Binance’s alleged transgressions include the non-payment of various taxes, contravening the FIRS Establishment Act 2007. Notably, accusations against the exchange include failing to register for tax purposes in Nigeria and neglecting to issue VAT invoices. These are critical for tax assessment and collection.
These actions have breached Nigerian tax laws and hampered the government’s tax collection mechanisms.
“Any company that conducts business exceeding N25 million annually is deemed, by the Finance Act, to be present in Nigeria. According to this rule, Binance falls into that category. So, it is obligated to pay taxes,” the FIRS noted.
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