- FIRS is suing Binance for tax evasion in Nigeria.
- FIRS claims Binance failed to collect and remit VAT and CIT.
- FIRS argues Binance facilitated cryptocurrency transactions without adhering to tax regulations.
- FIRS uses TaxPromax for tax management.
- TaxPromax allows taxpayers to fulfill tax responsibilities remotely.
- Companies must register on TaxPromax to meet tax obligations in Nigeria.
- Binance denies tax evasion allegations, arguing no significant economic activity in Nigeria.
- Binance’s lawyer questioned if companies without tax liability are obligated to register.
- Court clarified that all Nigerian companies must register for tax purposes, but foreign companies only need to register if they have significant economic activity in the country.
- Case adjourned to April 11, 2025.
Source: africataxreview.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
