The Nigerian government has removed two Binance executives, Tigran Gambaryan and his fleeing colleague, Nadeem Anjarwalla, from the Federal Inland Revenue Service (FIRS) tax evasion charge against their cryptocurrency exchange company.
Gambaryan and Anjarwalla were removed from the suit on Friday at the Federal High Court sitting in Abuja, following fresh amended charges filed by the FIRS in view of a notice from Binance about its appointment of a Nigerian representative, Ayodele Omotilewa.
FIRS on March 22 filed a suit against Binance and the executives, alleging tax evasion.
FIRS on May 17 amended the charges, alleging that the cryptocurrency exchange company failed to collect and remit various categories of taxes, particularly the Value Added Tax (VAT) and Company Income tax (CIT), to the Nigeria’s federation account as provided by Section 40 of the FIRS Establishment Act, 2007.
Minister of Information, Idris Mohammed, had claimed that Binance made a turnover of over $20 billion in Nigeria in 2023 alone.
Meanwhile, Justice Emeka Nwite had fixed June 14 for the arraignment of Binance and Gambaryan.
On Friday, counsel for Binance, Tonye Krukrubo (SAN), told Justice Nwite that his client had forwarded the name of its official representative to the FIRS and to the court.
Counsel for the FIRS, Moses Idehu, who confirmed Krukrubo’s claim, prayed the court for a permission to substitute all the previous charges with the fresh amended charges dated June 13.
FIRS amended the charge in the ongoing legal proceedings against Binance, removing the two initial defendants, Gambaryan and Nadeem, and listing Binance as the sole defendant.
The FIRS has now accused Binance of providing cryptocurrency services to Nigerians without deducting and remitting the necessary Value Added Tax (VAT), a violation of the Nigerian tax laws.
The judge struck out the charges earlier filed on March 22, 2024 and May 17, 2024 and also struck out the names of Gambaryan and Nadeem from the case.
He, thereafter, adjourned the case to July 12.
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