Nigeria has filed a lawsuit against Binance, demanding $79.5 billion in damages for alleged economic losses and $2 billion in unpaid taxes. The government claims that the cryptocurrency exchange contributed to the naira’s instability and is liable for corporate income tax.
The Federal Inland Revenue Service (FIRS) argues that Binance has a “significant economic presence” in Nigeria and should pay income taxes for 2022 and 2023, along with penalties and interest. The agency is requesting:
– A 10% penalty on unpaid taxes
– A 26.75% interest rate on overdue amounts, based on the Central Bank of Nigeria’s lending rate
Binance, which is not registered in Nigeria, has not yet responded to the lawsuit but previously stated that it is working with FIRS to resolve any tax liabilities.
This lawsuit follows four existing tax evasion charges against Binance, including:
– Non-payment of value-added tax (VAT)
– Non-payment of company income tax
– Failure to file tax returns
– Assisting customers in tax evasion
The case is part of Nigeria’s broader crackdown on crypto trading, as the government blames platforms like Binance for currency depreciation and economic instability.
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