double taxation investments nigeria taiwan
The Taiwanese Trade Mission in Nigeria has called for effective collaboration with the Nigerian Government to avoid double taxation on Taiwanese investments in Nigeria.
This is contained in Mission’s bulletin released in Abuja on Wednesday.
It stated that the collaboration would also ensure protection of Taiwanese investments in Nigeria and boost bilateral economic ties.
According to the Mission, Taiwan has signed investment protection agreement with 29 countries including the U.S., Argentina, Panama, Indonesia, Malaysia, Thailand and the Gambia.
“Taiwan has also signed agreements on the avoidance of double taxation with 20 countries including the UK, Australia, New Zealand, the Netherlands, Singapore and Vietnam.
It stated that the Taiwanese investment in Nigeria was estimated at about 91.3 dollars million in more than 20 companies, which employed 2,000 Nigerians.
The Mission said that Taiwan’s foreign reserves rose to 418.174 billion dollars at the end of March 2015, an increase of more than three billion dollars in February.
“Taiwan’s edge in innovation and development in high technological electronics, machineries, petro-chemical industries, highly value added agriculture, should offset the disadvantage the primary industries in Nigeria are suffering.
“Nigerian conglomerates like Dangote Group, D-Link Nigeria and other high tech companies in Nigeria are currently benefiting from cooperative ventures with Taiwanese world renowned industries.
“Taiwan willingly shares its industrial know how with interested friendly countries and their entrepreneurs including Nigeria,’’ the mission said in the newsletter.
The Mission, however, called for a sustainable political will, among authorities of the two countries to boost environment conducive for businesses to thrive.
The Taiwan Trade Mission is saddled with the responsibility of promoting economic and trade relations between Nigeria and Taiwan.
