National

FEC APPROVES PACT FOR DOUBLE TAX ELIMINATION BETWEEN NIGERIA AND UAE

The Nigerian government has granted its approval for the formalization of an agreement between Nigeria and the United Arab

FEC APPROVES PACT FOR DOUBLE TAX ELIMINATION BETWEEN NIGERIA AND UAE

The Nigerian government has granted its approval for the formalization of an agreement between Nigeria and the United Arab Emirates (UAE). This approval pertains to the elimination of double taxation on income and the prevention of tax evasion.

The endorsement was secured during the initial Federal Executive Council Meeting of 2024, chaired by President Bola Ahmed Tinubu at the Presidential Villa in Abuja, the capital city. The Council tasked the Attorney General of the Federation, Lateef Fagbemi, with developing an executive bill to address the issue of double taxation. The aim is to support Nigerian industries and foster the inflow of Foreign Direct Investment.

Lateef Fagbemi emphasized the significance of the agreement, stating that discussions on the elimination of double taxation and the prevention of tax evasion took place during the President’s previous visit to the UAE. The focus this time is on enhancing the relationship between Nigeria and the United Arab Emirates.

The Council recognized that the agreement covers various taxes, including personal income tax, company income tax, petroleum profit tax, information technology levy, tertiary education tax, and capital gains tax. Acknowledging the potential benefits of this collaboration for Nigeria, the Council directed the Attorney General to prepare a bill for submission to the National Assembly for ratification.

Additionally, the Federal Executive Council approved the ratification of an agreement between Nigeria and the UAE concerning the reciprocal promotion and protection of investments.

Quest: Emmanuel kelvin

Leave a Reply

Your email address will not be published. Required fields are marked *

Verified by MonsterInsights