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.
Nairametrics previously 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.