Nigeria, UAE seal pact to end double taxation…
Written by City Radio on January 19, 2024
The Federal Government has approved a new taxation deal with the United Arab Emirates that aims to eliminate double taxation between the two countries.
Attorney General and Minister of Justice, Lateef Fagbemi, made the disclosure to State House Correspondents on Wednesday after the Federal Executive Council meeting presided over by President Bola Tinubu at the presidential villa.
He explained that the Council has given the nod for the Nigeria-UAE double tax treaty to be forwarded to the National Assembly for ratification.
According to him, the treaty covers major taxes in Nigeria including personal income tax, company income tax, petroleum profit tax, information technology levy, education tax and capital gains tax.
Fagbemi added that once ratified by the National Assembly, the treaty will help strengthen economic ties between Nigeria and the UAE by removing tax barriers for businesses and investors.
He stated that the Tinubu administration was prioritizing reforms that improve Nigeria’s tax policies and make the country more attractive for foreign direct investments.
CityRadio 89.7FM