The Federal Inland Revenue Service (FIRS) on Monday began the trial of Binance, a cryptocurrency exchange platform, in the alleged tax evasion case filed by the tax agency.
The FIRS presented its first witness, Mbami Shomgwan, Manager of the TaxPromax Technology Department at FIRS, before Justice Emeka Nwite of the Federal High Court in Abuja.
It was reported that on May 17, 2024, the FIRS amended its lawsuit, stating that Binance allegedly failed to collect and remit various categories of taxes to the federation, particularly the Value Added Tax (VAT) and Company Income Tax (CIT), as stipulated by Section 40 of the FIRS Establishment Act 2007, as amended.
In the charge, Binance was accused of offering services—including the buying and selling of cryptocurrencies, as well as the remittance and transfer of those assets—to Nigerians while failing to deduct the necessary VAT arising from its operations.
Amid the case, the court, on June 14, 2024, discharged Tigran Gambaryan, a 39-year-old American, and the fleeing Nadeem Anjarwalla from the FIRS tax evasion case against Binance.
This followed a notice from Binance about its appointment of a Nigerian representative, Ayodele Omotilewa.
The Binance representative in court had denied the tax evasion allegations, paving the way for trial.
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