Full list: Nigeria Tax Laws allegedly broken by Binance

Here are the tax laws that Binance is allegedly to have broken

1. Non-payment of Value-Added Tax (VAT):
The federal government accused Binance of failure to register with FIRS for tax purposes and contravening existing tax regulations within the country.

2. Company Income Tax:
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.

3. Failure to file tax returns:
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.

4. Complicity in aiding customers to evade taxes through its platform.