Binance executive, Tigran Gambaryan is currently in court, while Anjarwalla remains absent, likely evading authorities. Today’s court session is crucial as it will allow the defendants to enter their plea.
According to the charges, the first count alleges that the defendants, in their operations on the Binance platform, failed to register with the Federal Inland Revenue Service (FIRS) and neglected to pay the required taxes.
The second count accuses them of offering taxable services without issuing proper invoices for value-added taxes (VATs) on their trading platform, Binance.
Count three focuses on their activities in cryptocurrency trading and asset remittance, highlighting their failure to deduct necessary VATs.
The fourth count outlines their alleged involvement in aiding subscribers to evade taxes, violating multiple tax laws including Sections 8 and 29 of the VAT Act of 1993 (as Amended) and Section 40 of the FIRS Establishment Act, 2007 (as amended).
The charges also implicate the defendants under provisions of Section 94 of the Companies Income Tax Act (as amended), making the offenses punishable by law.
This development signals a significant legal battle for Binance and its executives, reflecting the growing scrutiny on tax compliance within the cryptocurrency industry.
