NewsOnline Nigeria reports that the Federal Inland Revenue Service (FIRS) has filed criminal charges against Binance, a renowned cryptocurrency exchange platform.
The lawsuit, filed at the Federal High Court in Abuja under case number FHC/ABJ/CR/115/2024, accuses Binance of violating four separate tax laws.
The federal government 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.
Another count is that Binance violated Section 40 of the Act explicitly addressing the non-deduction and non-remittance of taxes, prescribing penalties and potential imprisonment for defaulting entities.
NewsOnline Nigeria reports that the FIRS emphasised its commitment to enforcing tax regulations and tackling financial misconduct within the cryptocurrency sector.
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