2024

Coin

<ul class="wp-block-list news-points"> 
 <li>Nigeria’s FIRS targets crypto transactions with a new taxation framework in 2023.</li> 
 <li>Binance faces scrutiny in Nigeria for alleged $20B untaxed turnover and tax violations.</li> 
 <li>SEC pushes crypto exchanges to comply, signaling stricter regulations for Nigeria’s crypto market.</li> 
</ul> 
Nigeria’s Federal Inland Revenue Service (FIRS) is gearing up to introduce a comprehensive taxation system for crypto transactions. This plan aims to streamline existing tax laws, boost revenue collection, and replace outdated regulations with modern, flexible frameworks. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1f3-1f1ec.png" alt="🇳🇬" class="wp-smiley" style="height: 1em; max-height: 1em;">TAXATION | Nigeria’s Revenue Service, FIRS, To Introduce Comprehensive Taxation Covering Cryptocurrencies The proposed legislation seeks to simplify tax laws, harmonize revenue collection, and replace outdated tax regulations with contemporary frameworks. The move comes amid… <a href="https://t.co/gB2prTbFys" target="_blank" rel="nofollow">pic.twitter.com/gB2prTbFys</a>— BitKE (@BitcoinKE) <a href="https://twitter.com/BitcoinKE/status/1826120072995258594?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">August 21, 2024</a>
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Even with the regulatory shift, cryptocurrency exchanges operating in Nigeria, especially Binance, are under increased scrutiny. Nigerian officials allege that Binance had an <a href="https://coinedition.com/nigeria-vs-binance-court-hearing-highlights-unlicensed-operation-money-laundering-charges/">untaxed turnover</a> of over $20 billion in 2023. 
The exchange faces accusations of failing to pay value-added an…
The post <a href="https://coinedition.com/nigeria-to-tax-crypto-transactions-binance-under-scrutiny/">Nigeria to Tax Crypto Transactions, Binance Under Scrutiny</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.

Nigeria to Tax Crypto Transactions, Binance Under Scrutiny

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