Connect with us

News

Just in: FG Files Tax Evasion Charges Against Binance

Published

on

The Federal Government has filed Tax Evasion charges against Binance.

In a decisive move aimed at upholding fiscal responsibility and safeguarding the economic integrity of the country, the Federal Government has initiated criminal proceedings against Binance, a prominent cryptocurrency exchange platform.

Naijablitznews reports the lawsuit, according to a statement signed by Dare Adekanmbi, Special Adviser, Media to the Executive Chairman, FIRS, was designated as suit number FHC/ABJ/CR/115/2024, implicates Binance with a four-count tax evasion accusation.

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

Advertisement

The charges levied against Binance include 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.

In the suit, the Federal Government also 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.

Section 40 of the Act explicitly addresses the non-deduction and non-remittance of taxes, prescribing penalties and potential imprisonment for defaulting entities.

Advertisement

The charges further detail specific instances where Binance purportedly violated tax laws, such as failing to issue invoices for VAT purposes, thus obstructing the determination and payment of taxes by subscribers.

“Any company that transacts business in excess of 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 has to pay taxes like Company Income Tax (CIT) and also collect and pay Value Added Tax (VAT).

“But Binance did not do this properly. So, the company broke Nigerian laws and could be investigated and taken to court for this infraction,” Adekanmbi said.

Advertisement

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

FIRS, by the law setting it up and various others, is empowered to assess, collect and account for revenue accruing to the Federation and administer relevant tax laws.

Recall that Binance had pleaded guilty to flouting anti-money laundering laws in the United States in late 2023, settling for a plea bargain that cost the company $4.3billion.

Advertisement
Continue Reading
Advertisement

News

NSCDC, Tantita intensify joint efforts to combat oil theft in Niger Delta

Published

on

The Nigeria Security and Civil Defence Corps (NSCDC) and Tantita Security Services Limited (TSSL) have intensified their joint efforts to eliminate economic sabotage in the Niger Delta, in line with the Renewed Hope Agenda set forth by President Bola Ahmed Tinubu.

As part of his inspection of NSCDC operations in the area, Commandant-General Dr. Abubakar Audi led a group of senior officers to meet with Chief Kestin Pondi, Managing Director of TSSL, and High Chief Government Ekpemupolo, commonly referred to as Tompolo, in Warri and Oporoza, Delta State.

Audi and his team also toured the operational facilities of NSCDC operatives working with Tantita in far-flung creeks of the Niger Delta and other formations to assess their activities and encourage the frontline security agents.

The Commandant-General while paying a courtesy visit to Pondi said his operational tour of the Niger Delta was to enable him get first hand information of his men on ground and strengthen the relationship between the corps and Tantita.

Advertisement

Audi said the NSCDC would celebrate the gallantry of his men on March 1st adding that the occasion would recognise fallen heroes of the corps and empower the families of deceased officers.

He said: “We place high premium on the welfare of our staff that is why every March 1st we recognise our personnel who died on active duty by assisting their families through payment of life insurance benefits and other empowerment schemes.”

In his remarks, the Managing Director, Tantita Security Services Ltd, Mr Kestin Pondi, heaped praises on President Ahmed Tinubu for providing the enabling environment to fight oil theft in the Niger Delta region.

He assured of closer collaboration with security forces including the NSCDC in the ongoing efforts to tackle pipeline vandalism and oil theft.

Advertisement

Pondi said without the collaborative efforts of the NSCDC and other security agencies, the success record would have been impossible.

He said prior to Tantita’s involvement in combating oil theft, production levels hovered around 800,000 barrels per day, adding that the increased production was because of the collaboration with NSCDC.

He said:  “The success recorded in the recent past is not without the collaborative efforts of NSCDC. At the moment we have over 450 personnel in our organisation who have been providing collaborative services to our personnel.

“It is worthy of note that as at the time we came on board, the nation was producing between 600000 – 800000 barrels per day in 2022, but as at today we have gone over 2 million barrels per day and this is largely due to our collaboration with you.

Advertisement

A former President, Ijaw Youths Council (IYC) Worldwide, Engr. Udengs Eradiri, hailed NSCDC and Tantita for their mutual relationship saying their operational style was in line with President Tinubu’s leadership approach of community and stakeholders’ engagements.

Describing President Tinubu as a community man, Eradiri said Tinubu’s approach was centered around the people adding that in similar way Tantita and NSCDC approach instilled confidence in people to protect oil facilities within their domain.

“This is in line with President Tinubu’s leadership style. President Tinubu is a community man. His approach has always been about the people. For some of us who have known him for years ago, we are not surprised that he is doing things differently.

“Recall that when he was campaigning he came to the Gbaramatu Kingdom. President Tinubu expanded the relationship with Tantita and consolidated on what he met and that is why the trajectory has been smooth. President Tinubu is the reason Tantita is succeeding and we want to commend him for believing in Tompolo and the people,” he said.

Advertisement
Continue Reading

News

Imo govt warns nightclub, lounge proprietors against selling hard drugs to customers

Published

on

The Imo Government has issued a stern warning to hotel owners and nightclub operators, urging them to refrain from permitting the use of hard drugs within their establishments.

This announcement was made in a statement signed by Chief Ezechukwu Obonna, the Special Adviser to Governor Hope Uzodinma on Narcotics and Illicit Drugs Monitoring, and was shared with journalists in Owerri on Saturday.

According to Obonna, the state government has observed that hard drugs, especially cannabis, popularly called ‘loud’, are now being freely sold and consumed in public places, especially in lounges and nightclubs in the state, as if the drug is no longer prohibited by law.

He warned operators of nightclubs and lounges to immediately put an end to the consumption and sale of hard drugs, particularly in their business areas.

Advertisement

He said that any establishment found to be enabling or permitting the use of hard drugs would face severe consequences.

“The government is issuing this stern warning to lounge and nightclub owners across the state to note that the government will no longer tolerate the use of private businesses as havens for illicit drug use.

“We urge all lounge and nightclub owners to take responsibility for ensuring their patrons are not engaging in illicit activities.

“The Imo State Government is committed to protecting the health and well-being of its citizens, and we will not hesitate to take action against those who compromise this effort,” he said.

Advertisement

He added that the International Narcotics Control Board had expressed concerns about the growing trend of drug use and its impact on public health.

According to him, the Imo Government is taking proactive steps to address this issue and ensure a safer, healthier environment for all citizens.

“We appeal to all lounge and nightclub owners to cooperate with the government in this effort and to report any suspicious activities to the authorities immediately.  Together, we can create a safer, more responsible tourism and entertainment industry in Imo,” he said.

Advertisement
Continue Reading

News

Watch Saturday episode of Your Family Lawyer on ‘How can I get a divorce under Islamic marriage

Published

on

Seasoned lawyer and progenitor of Your Family Lawyer, Chuma Chinye tackled how you can get a divorce under Islamic marriage.

Using vivid examples and solutions on how you can maintain a cool head when faced on how to get your rights under Islamic marriage.

Watch podcast below:

Advertisement
Continue Reading

Trending

Copyright © 2024 Naija Blitz News