Breaking News: Nigeria And UAE Sign Historic Agreement To Eliminate Double Taxation

Breaking News: Nigeria And UAE Sign Historic Agreement To Eliminate Double Taxation....KINDLY READ THE FULL STORY HERE▶

The United Arab Emirates (UAE) and the Federal Government have received approval for a new tax agreement aimed at eliminating double taxation, as disclosed by Attorney General and Minister of Justice, Lateef Fagbemi, after the Federal Executive Council meeting presided over by President Bola Tinubu. Fagbemi explained that the treaty, covering major taxes in Nigeria such as personal income tax, company income tax, petroleum profit tax, information technology levy, education tax, and capital gains tax, will now be forwarded to the National Assembly for ratification…….CONTINUE READING

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Upon ratification, the agreement is expected to strengthen economic ties between Nigeria and the UAE by removing tax barriers for businesses and investors. Fagbemi highlighted the administration’s commitment to prioritizing reforms that enhance Nigeria’s tax policies and attract foreign direct investments. He emphasized that the move is part of ongoing efforts to encourage foreign direct investment and improve relationships between the two countries.

Additionally, Minister of Industry, Trade and Investment, Doris Uzoka-Anite, announced the approval of an Investment Promotion and Protection Agreement (IPPA) between the nations. Uzoka-Anite noted that her ministry would invoke clauses in the IPPA to review and amend sections that may be unfavorable to Nigeria before sending it to the National Assembly for ratification.

During the briefing, Uzoka-Anite also addressed concerns about the rising cost of goods and services in Nigeria, stating that the government is focused on improving the business environment for manufacturers and industrialists. She highlighted ongoing initiatives, including the Presidential Council on Industrial Revitalization and the Presidential Council on Fiscal Policy and Tax Review, aimed at removing roadblocks and bottlenecks affecting businesses in the country.

In conclusion, the Federal Executive Council is optimistic that these agreements and reforms will contribute to economic growth, attract foreign investments, and align with the vision of achieving a $1 trillion economy.

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