Op, Can you post pictures?

3exe3:
so their charge shld be on carrying out illegal business in nigeria?

Nigerian govt is to charge her citizens for engaging in a business declared illegal within her jurisdiction. Binance is not domicile within the Nigerian territory.

3exe3:
i dont think crypto is illegal in nigeria anymore. The capital needed to run a crypto exchange in nigeria was just raised.

Tax is assessed on preceeding year basis. As at accounting year ended 31 December 2023 from which the evasion claim is filed, crypto trading was illegal.

The charges were filed at the Federal High Court in Abuja by the Federal Inland Revenue Service today being 25th March 2024 In the suit with number: FHC/ABJ/CR/115/2024.

The charges levied against Binance include non-payment of Value-Added Tax, Company Income Tax, failure to file tax returns, and complicity in aiding customers to evade taxes through its platform.

It is usually challenging to determine whether tax on cross border transactions should be paid to the jurisdiction where value is created or consumed. Moreover, the general rule for taxing income of foreign enterprises in a given jurisdiction is by establishing the entity's physical presence or whether the entity has a permanent establishment in such a country. Going by the above, Binance has no physical presence or has a permanent establishment in Nigeria.

A non-residence company can also be subjected to tax in Nigeria based on profit derived from Nigeria, however, the question as to whether a foreign company is liable to pay income tax in Nigeria is usually controversial. Section 13 of Companies Income Tax (CITA) implies that a non-resident company must have a physically performed activities in Nigeria before it can be considered that such a company has income tax liability in Nigeria.

It can even be difficult for consumers of non-resident services to withhold taxes on payments to non-resident persons due to the fact that non-resident persons may not be liable to Nigerian tax under Nigerian tax laws.

In as much as there is a need for urgent actions in Nigeria to block tax revenue leakages associated with existing gaps in taxing digital economy, there is also an urgent need to review the scope of "FIXED BASE" under section 13 of CITA.

SIGNIFICANT ECONOMIC PRESENCE (SEP) AS PROVIDED UNDER FINANCE ACT 2019

In an effort to address challenges of taxing the digital economy, the Finance Act 2019 introduced the concept of significant economic presence(SEP) to expand the scope of Nigerian tax on foreign companies deriving income from Nigeria.
The Act provides that a foreign company shall have SEP in Nigeria where:
(a) It derives N25m annual gross turnover or its equivalent in other currencies from any or combination of its digital activities.
(b) Uses a Nigerian Domain name.
(c) Has a purposeful and sustained interaction with persons in Nigeria by customising its digital page or platform to target persons in Nigeria, including reflecting the prices of its product or services in Nigerian Currency.

Conclusions:
(1) Going by Section 13 of Companies Income Tax (CITA), Binance is not liable for tax under Nigerian tax laws.
(2) With the introduction of Significant Economic Presence (SEP) under Finance Act 2019, Binance is liable to be subject to tax to the extend to which they derived revenue from Nigeria.
(3) With reference to CBN circular of 5th February 2021, prohibiting all forms of Cryptocurrency transactions and declaring trading digital assets illegal, Binance is not subject to tax in Nigeria because, tax cannot be paid on any activity declared illegal.

peleson1:
Just imagine how these people eat dar and waste all our wealth and resources.


The senators do nothing with these money..
Some one was expelled , suspended for exposing the rot in the Senate . Just imagine that.


That NASS should be closed down and all senators and house of rep should go home .

We need put all the money together and use it for social security and welfare for Nigerians

If you channel the funds to social security & welfare, the likes of Betta Edu will be there waiting for you.

Malroux:
I doubt if he meant it.

You shouldn't have doubted if it was something negative that was attributed to him

Bankowner:
Just curious.

Who owns Penstock Limited?

Why was Mainstream Energy Solutions Limited, the initial bidder, bypassed?

Penstock Limited is a subsidiary of Mainstream Energy Solution Limited. The company (Penstock) was registered by Mainstream to manage the Zungeru hydro project.

Paraman:


https://punchng.com/fg-hands-over-zungeru-power-plant-to-concessionaire/?utm_source=telegram&utm_medium=social

Penstock Limited is a subsidiary of Mainstream Energy Solutions

WealthyNigerian:
He found this and was advised to post it on Facebook so that those that knows much about treasure stones and minerals would help him identify it. But unfortunately, non of the comments has ascertained what exact treasure or stone this is.

I know that there are many greatly knowledgeable People on Nairaland that would be able to tell us what this is and it's value. I'm sending this Thread's Link to him immediately now so that he would follow the discussion to know it's value for certain. And so that he would take the necessary security steps in guarding that his Landed Property for the massive natural Wealth which this may indicate is abundantly there.

I'm sure that we shall be able to get our assured confirmation here. So, great Nairalanders, what do you think this is and its value?

We call it jigsm, it's mixed with limestone to produce cement.

maasoap:

YouWin was before Sure P

Alright

SoNature:
From Sure-P to N-Power and RHJCP.

Policy summersaults kill countries.

Actually, from Sure P to YouWin to N-Power and now RHJCP

anakim1:
Same here. I wrote the test in July. Not interview invite yet.

same here

Best of luck to you guys

dre11:


https://dailypost.ng/2023/03/02/2023-polls-ten-serving-ex-governors-swept-by-election-tsunami/

You did not add Gabriel Suswan, a former governor of Benue state and current Chairman, Senate Committee on power. He lost his bid to return to the Senate too

RenaissanceGuy:
Can you imagine? Why would a governor refuse to complete a building that could be bringing ₦500b monthly revenue to his state?? Adeleke should pump entire of this year's budget to complete it.

Do you even know what you are saying?

So dumb of anyone to suggest this 🙄

Dreal1247:
No matter how you express your beef and anger against him there are facts you cannot change which include;

1. He ran the most secured state in Nigeria during his tenure. Former IGP Abubarkar gave him 5 years accollades of the most secured state back to back for 5 years.

2. The minister of works then gave him the best accolade of a governor that built 800km of road network in 8years over 230 roads

3. Educationally , He met Anambra at 26th position in 2006 and left it at 1st by 2014 when he was leaving.

4. He was the only governor that met the millennium development goal in Nigeria in both education and health. In fact , Milinda and bill gate foundation gave him a personal gift of 1 million dollar for his achievement. Which he dropped in the state account rather than putting in his own private account.

5. He is the only former governor today that does not collect pension, gratuity, land gift and allowances since he left the govt in 2014.

6. When he became SEC chairman under President Jonathan, he told SEC to hold back all his allowance and entitlement as a Board chairman . He left without nothing. He said he does not need them.

7. When he was chairman of fidelity bank , he was entitled to two brand new cars annually. He told the board. I don't need them. Let me just come for meetings and go home.

You can only be angry with him. You cannot change the facts.

Does this relate to this post sir

Nigerian inflation is cost push inflation not demand pull inflation. Contractionery monetary policies aimed at mopping up liquidity in the system can only reduce inflation caused by demand (demand push).

Cost push inflation can only be addressed by providing enabling environment for businesses to strive by having access to cheap raw materials and energy source (electricity and gas or fuel). Cheap access to raw materials and energy will by extension have a downward effect on prices of final products thereby reducing inflation.

Increasing interest rate as done my the recent meeting held by the monetary policy Committee from 16.5% to 17.5% and the recently implemented cashless policy will do more harm than good to addressing inflation problems.

2saviourfriday9:
100%

100%

Urheadmaster:
The hotel should be demolished for accommodating murderers disturbing the peace of mind of the good citizens

What if its the hotel management that alerted the security operatives?

Good morning sir, my mail bounced back. Kindly cross check the email address you provided. Thanks.

WondaBeauty:
And when he gets to heaven's gate, then God asks him


HOW DID YOU DIE?




His answer would be......

You are the all knowing God, you suppose know nah

THE IDP BLACK BOY IN BLACK ADIDAS

If Nigeria was a brand,
you are a perfect brand Ambassador.
With a look of frustration awaiting the arrival
of the Governor.

Staring at the light of a camera with questions
in his mind, is this the light at the end of the tunnel?
How much longer do i have to walk barefooted on the gravel?

Memories of my home is long lost.
Lost in touch with things i loved most.
It seems all hope is lost.

I am the IDP black boy in black adidas

YinkaOlusesi16:
In the days of john the baptist, the kingdom of GOD sufferth violent & they violently take it by force.

Thank you brother, its from your quote that i understand this scriptural verse better.

Its a long story...I don't have time to explain the whole process

Alonzo50:
must there be issue when making every payment, na intentionaly those people wan embezle the money, same thing go happen for december payment am yet to see my nov as it display failed na our turn now it wil be another people for december, Bleep npower yeye program i regret the day i apply

There is room for exit

obiekunie01:
this last pic - is the man standing with buhari the president of dubai?

Abi their president too big to welcome and take bubu arround?

ABI THE DUBAI PRESIDENT DOESNT EVEN KNOW BUBU NA PRESIDO?

ABI NA WETIN MAKE THEM SEND HIM SERVANT TO COME WELCOME A WHOLE NAIJA PRESIDO!?

OK WAITOO!! ABI NA SAY THE PRESIDENT OF DUBAI DOESNT EVEN KNOW SAY BUHARI DEY HIM COUNTRY - BC I NO SEE ANY OFFICIAL WELCOME PARADE AND NO SERIOUS ESCORT FOR OUR BUBU ONLY FEW DUBAI PRESIDENT'S HOUSDEBOYS DEY WITH AM.

THIS VISIT BE LIKE SAY NA "ABI THINGS"

What a display of ignorance. Does Dubai have a president?

taiyesoul:
If them born you well, jump down from there

The same thing the devil told Jesus during temptation.

State Internal Revenue Service is responsible for administering consumption tax.

21void:
Any one here with great skills that can build financial statements and models using Excel, kindly indicate. I have a small job for you. Think of it like a small side gig

tarkumburandrewz@gmail.com

Please send me a mail