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.
Seen present in court is the Tigran Gambaryan who is part of the defendants in the suit.
As expected, the fleeing Nadeem Anjarwalla isn’t present in court.
The matter today is slated for them to take their plea.
In the charge, Count one alleged that while involved in carrying and offering services to subscribers on their platform, known as Binance, failed to register with the FIRS, for the purpose of paying all relevant taxes administered by the service.
Count two alleged that while they were offering taxable services to subscribers on their trading platform known as Binance, failed to issue invoices to those subscribers for the purposes of determining and payment of their value added taxes (VATs).
Count three accused 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 count four, the defendants were alleged to have while involved in the offering of services to subscribers on their trading platform, did aid and abet 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.