The Federal government is set to arraign Binance Holdings Limited and its two top officials, Tigran Gambaryan and Nadeem Anjarwalla on allegations bordering on tax evasion.
One of the defendants,Tigran Gambaryan is in court, while as expected, the fleeing Nadeem Anjarwalla is not present
Today’sitting is to enable them their plea
In the charge, the first count, alleges that the defendants while involved in carrying and offering services to subscribers on their platform, known as Binance, failed to register with the Federal Inland Revenue Service, to pay all relevant taxes administered by the service.
Count two alleges that while they were offering taxable services to subscribers on their trading platform known as Binance, they failed to issue invoices to those subscribers for the purposes of determining and payment of their value added taxes (VATs).
Count three accuses them of offering services to subscribers on their trading platform in the buying and selling of cryptocurrencies and in the remittance and transfer of those assets, and that having offered those services, was obliged to deduct VATs, and did fail to deduct necessary VATs, arising from their operations.
In the fourth count, the defendants were said to have, while involved in the offering of services to subscribers on their trading platform, aided and abetted those subscribers to unlawfully refuse to pay taxes, or neglect to pay those taxes.
The offences are said to be punishable under Sections 8 and 29 of the VAT Act of 1993 (as Amended), Section 40 of the FIRS Establishment Act, 2007 (as amended) and under provisions of Section 94 of the Companies Income Tax Act (as amended) respectively.