Buhari signs double taxation agreement with Singapore

President Muhammadu Buhari on Monday signed two agreements with two countries following the approval of the Federal Executive Council (FEC).

The agreements, according to a statement issued by the Special Adviser on Media and Publicity to the President, Femi Adesina, include the instrument for ratification of agreement between Nigeria and Singapore for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and Capital Gains.

The other was the instrument for ratification of the Memorandum of Understanding (MoU) among Nigeria; the Swiss Federal Council and the International Development Association (IDA) on the Return, Monitoring and Management of Illegally-Acquired Assets Confiscated by Switzerland and to be restituted to Nigeria.

With the execution of these instruments, Nigeria’s trade relations with Singapore and income therefrom are expected to rise, while the return of illegal assets will not only boost the administration’s anti-corruption drive, but also provide additional funds for critical infrastructure.