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HomeFinanceCourt Sets April 4 Date for Binance Executives' Tax Evasion Arraignment

Court Sets April 4 Date for Binance Executives’ Tax Evasion Arraignment

 

 

The arraignment of Binance Holdings Limited, along with its executives Tigran Gambaryan and the fugitive Nadeem Anjarwalla, concerning alleged tax evasion, is scheduled for April 4, 2024.

 

The hearing notice, dispatched to the concerned parties, confirmed the slated date.

 

Federal Inland Revenue Service (FIRS) lodged charges against the company and its officials earlier this week, accusing Binance of failing to register with FIRS for tax payment purposes and neglecting to issue invoices to subscribers for determining and remitting value-added taxes (VATs).

 

FIRS further alleged that despite offering taxable services on its trading platform, Binance omitted to deduct necessary VATs and allegedly aided subscribers in unlawfully evading taxes.

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The charges are grounded in Sections 8 and 29 of the VAT Act of 1993 (as Amended), Section 40 of the FIRS Establishment Act, 2007 (as amended), and Section 94 of the Companies Income Tax Act (as amended).

 

Recent developments include the arrest and detention of two Binance executives upon their arrival in Nigeria due to a website ban. Additionally, the Economic and Financial Crimes Commission (EFCC) requested data on Binance’s top 100 Nigerian users and six months’ transaction history, forming part of ongoing negotiations.

 

On Friday, one of the company’s executives, Nadeem Anjarwalla, reportedly fled the country after escaping custody.

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