By Seyi Babalola
Tigran Gambaryan and Nadeem Anjarwalla of Binance Holdings Limited were cleared of tax evasion by the Abuja Federal High Court on Friday.
The Federal Inland Revenue Service (FIRS) filed the complaint before the court.
This court issued the verdict on Friday, after the FIRS modified its allegations in response to Binance’s appointment of a Nigerian representative, Ayodele Omotilewa.
The FIRS initially filed legal proceedings against Binance and Gambaryan on March 22, 2024, accusing them of tax evasion. On May 17, 2024, the FIRS amended its lawsuit, alleging that Binance failed to collect and remit various taxes, particularly Value Added Tax and Company Income Tax, as required by Section 40 of the FIRS Establishment Act 2007, as amended.
The court’s decision to discharge Gambaryan and Anjarwalla came after Binance and the FIRS confirmed the appointment of Omotilewa as the company’s representative.
Following this confirmation, the FIRS filed new charges listing Binance as the sole defendant in the case.
