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Binance Tax Evasion Allegations: April 4 Set For Court ApperanceFIRS alleges Binance neglected tax registration and invoicing for services.
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Further accused of not deducting VAT for crypto transactions, facing charges under tax laws.
EKO HOT BLOG reports that the court appearance for Binance Holdings Limited and its executives, Tigran Gambaryan and absconded Nadeem Anjarwalla, regarding tax evasion accusations, is scheduled for April 4, 2024, as specified in the hearing notice distributed to the concerned parties.
The Federal Inland Revenue Service (FIRS) pressed charges on Monday, accusing the company and its representatives of possible tax evasion.
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In case number FHC/ABJ/CR/115/2024, Binance was alleged to have neglected to register with the FIRS, thus failing to fulfill tax obligations administered by the service.
Additionally, the FIRS claimed that despite providing taxable services to subscribers on its trading platform, the company neglected to issue invoices to these subscribers, hindering the determination and payment of its value-added taxes.
Moreover, the company and its officials were further alleged to have provided services to subscribers on their trading platform for cryptocurrency transactions, such as remittance and transfer services, without deducting the necessary VAT as legally obligated.
FIRS also stated that the defendants aided and abetted subscribers on their trading platform in unlawfully avoiding tax payments or neglecting to fulfill their tax obligations.
The violations were stated to be subject to punishment under Sections 8 and 29 of the VAT Act of 1993 (as revised), Section 40 of the FIRS Establishment Act, 2007 (as amended), and provisions of Section 94 of the Companies Income Tax Act (as revised) accordingly.
Recall Naija News reported that two Binance executives, Nadeem Anjarwalla and Tigran Gambaryan, were initially detained upon their arrival in Nigeria on February 26, 2024, on allegations of tax evasion and other charges.
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Following Binance’s non-compliance with a court order demanding data on Nigerian traders, the duo’s detention was extended to prevent evidence tampering.
But according to Premium Times, Anjarwalla managed to flee on Friday, March 22, from a guest house in Abuja where he and a colleague were being held.
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