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Just in: FG Files Tax Evasion Charges Against Binance
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).
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.
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.
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.
News
Indian lawmaker dies after shooting himself
Indian lawmaker Gurpreet Gogi, a member of the Aam Aadmi Party (AAP), has tragically died after accidentally shooting himself. The incident reportedly occurred late on Friday night, resulting in fatal injuries to his head.
Gurpreet Gogi was immediately taken to Dayanand Medical College and Hospital in Ludhiana, where doctors confirmed his death upon arrival. The Punjab Police described the incident as an accident. Deputy Commissioner of Police (DCP) Jaskaran Singh Teja explained, “As per the family members, Gurpreet Gogi accidentally shot himself, resulting in bullet injuries to his head. He was declared dead at the hospital, and his body is now at the mortuary in DMC Hospital.”
The exact cause of death will be clarified after a post-mortem examination. “The post-mortem report will clarify the cause of death,” added the DCP. Authorities are continuing their investigation to understand the full details of the incident.
Gogi became a notable figure in Punjab politics after joining the AAP in 2022. He gained recognition when he defeated two-time Congress MLA Bharat Bhushan Ashu in the Ludhiana assembly elections.
This tragedy brings to mind a similar event in 2019, when a candidate for the Mississippi state legislature, Carl Robinson, fatally shot his wife before taking his own life.
News
NASS To Presidency: Border Closure Not Effective
Federal lawmakers in both chambers of the National Assembly have expressed strong reservations about the effectiveness of border closure by the Federal Government.
Speaking at the Joint Committees on Industry, Trade and Investment on 2025 Budget Defence by the Trade Ministry, Senator representing Osun East, Senator Francis Adenigba Fadaunsi noted that the exit of Niger Republic and Chad from the Economic Community of West African States (ECOWAS) with the consequent opening of their borders to Nigerians are worsening the menace of insecurity across the affected states.
He said:” Border closure is hampering the economic fortunes of the country because rather than curb smuggling, it encourages it.
“For example on rice production alone, the largest percentage of 4 million tonnes shortfall is being smuggled into the country since local producers are only producing 3 million tonnes out of the expected consumption rate of 7 million tonnes.”
In her submission, House of Representatives member representing Nangero/ Potiskum Federal Constituency of Yobe State, Hon Fatima Talba, declared that the borders in her constituent were technically open, not closed.
“Going by free movement of people and even criminals across the borders, it is time for us, to stop fooling ourselves with border closure.”
Paul Kalejaiye representing Ajeromi / Ifelodun Federal Constituency of Lagos State in the House of Representatives, also spoke in similar vein.
“We need to even ask the question on the border policy being implemented. Are all borders across the Nation closed or those closed are from a segment of the country.”
The Committee later urged the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole who came for the budget defence session, to liaise with the Presidency on the way out of the border closure.
Oduwole had earlier in her presentation to the committee, said the sum of N3.8billion is earmarked for capital expenditure in the 2025 fiscal year, N4.65billion for personnel cost, N1.45billion for overhead and projected revenue of N2 4billion.
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Just in: Total darkness looms as National Grid collapses the 12th time
Again, the national grid has collapsed again making it a record eleventh blackout experienced by Nigerians.
A BusinessDay report quotes data obtained from the Nigerian System Operator’s portal (niggrid.org), as indicating that the collapse occurred at 1:56 p.m.
This incident follows a pattern of instability, with the grid suffering about 12 consecutive collapses in 2024,” the report says.
It adds that the cause of the latest failure is yet to be disclosed.
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