Michael Saylor, Co-founder and executive chairman of MicroStrategy is again under the limelight. Saylor is accused of skipping out on paying more than 25 Million USD by the District of Columbia (D.C).
The lawsuit encircles Michael Saylor the executive chairman and MicroStrategy as well. Microstrategy is the biggest holder of Bitcoin across the globe. The American conglomerate also provides services in various niches such as mobile software, cloud-computing, and most importantly business intelligence.
The complaint against Saylor and his firm alleges that Saylor intentionally avoided taxes in the D.C.. He fraudulently claimed to be a resident of lower tax jurisdiction regions in the geography despite maintaining a residence in the Columbian state.
Evading Taxes Leaves no Space for MicroStrategy
The Columbian District also made an allegation on MicroStrategy to conspire with the defendant, by intentionally obscuring his real address to the government authorities.
The lawsuit reads that Michael Saylor has avoided 25 Million USD worth of TAX since 2005 in District Taxes. District Attorney General Karl Racine announced the lawsuit on Twitter on August 31, 2022.
The Tweet read, “ NEW: Today, we’re suing Michael Saylor – a billionaire tech executive who has lived in the District for more than a decade but has never paid any DC income taxes – for tax fraud.”
He added in his thread saying, “ We’re also suing his company, MicroStrategy, for conspiring to help him evade taxes he legally owes on hundreds of millions of dollars he’s earned while living in DC.”
Karl Racine seemed quite annoyed with the actions of the firm and warned the company employees saying, “With this lawsuit, we’re putting residents and employers on notice that if you enjoy all the benefits of living in our great city while refusing to pay your fair share in taxes, we will hold you accountable.”
The lawsuit also highlights Saylor’s actions back in the 1990’s and 1980’s when he launched the company and later shifted to different regions in order to avoid tax burdens.
Source: https://www.thecoinrepublic.com/2022/09/01/district-of-columbia-sue-michael-saylor-and-microstrategy-for-tax-evasions/