16 Nov '16, 6pm

FEC approves bilateral tax agreement between Nigeria, Singapore

The Federal Executive Council (FEC) on Wednesday approved a bilateral agreement for the avoidance of double taxation in business deals between Nigeria and Singapore. ‎The approval, ratified at the 22nd meeting of FEC, presided over by Vice President Yemi Osinbajo, would also prevent tax evasion on income and capital benefits between Nigeria and Singapore. The Minister of Finance, Mrs Kemi Adeosun, told State House correspondents that the objective of the agreement was to facilitate more trade between Nigeria and Singapore She said it would succeed by ensuring that nationals or enterprises were not taxed twice on income or profits derived from each of the countries. “It will encourage more direct foreign investments into Nigeria, allow investors to know what their tax obligations will be and ensure sustainable tax regime for each country,’’ she said. The minister disclosed ...

Full article: https://www.today.ng/news/nigeria/216403/fec-approves-bil...

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