Connect with us
DOWNLOAD THE ABNTV NEWS MOBILE APP
Now Available On:

Breaking News

Buhari sent a letter to the Senate today Tuesday, March 15

Published

on

In a letter sent to the Senate by President Muhammadu Buhari on Tuesday, March 15, sought to abolish double taxation with three countries namely South Korea, Spain and Sweden.

He called for the transmission of a bill for an Act to provide for the domestication and enforcement in Nigeria of the avoidance of double taxation agreements between Nigeria and the three countries.

The letter read in parts:
“The Senate is invited to note that agreements for the avoidance of double taxation between countries facilitate inter-states trade, economic and business activities as well as enable prospective investors to know the income tax obligation in each country and tax incentives available.

“They also ensure stable and reliable tax regimes and improve the cooperation between tax authorities through exchange of information among others.

“Pursuant to above, the Federal government on Nigeria entered into agreement for the avoidance of double taxation with the Kingdom of Sweden, Republic of South Korea and Kingdom of Spain which were duly executed on November 18 2004, November 6 2006 and June 23 2009 respectively after series of negotiations between Nigeria and each of these countries.

READ ALSO:   The Nigerian Senate Asks Chibuike Amaechi To Resign

“For the agreements to be enforceable in Nigeria, they must be domesticated in line with the provisions of section 12 (1) of the constitution of the Federal Republic of Nigeria 1999 (as amended) which states that no treaty between the federation and any other country shall have the force of law to the extent that such treaty has been enacted into law by the National Assembly.

“Bearing in mind the interest of Nigeria and each of the three countries to these agreements vis a vis the economic vision of this government, the coming into the force of these agreements will no doubt facilitate the interchange of direct foreign investment.”

READ ALSO:   6 sensitive parts of a woman that can easily make her achieve orgasm

However, three bills were presented on the floor of the senate. The bills include the whistle blower protection bill 2016, the Nigerian Army Institute of technology and environmental studies bill 2016 and National roads fund bill 2016.

Other bills presented include the Public officers protection CAP P41 laws of the Federation of Nigeria, 2004 act (amendment) bill 2016 and Federal Road Safety Corps Act no.22, 2007 amendment bill 2016.

DISCLAIMER:Opinion articles are solely the responsibility of the author and does not necessarily reflect the views of the publishers of ABN TV

For publication of your news content, articles, videos or any other news worthy materials, please send to [email protected]

For Advert and other info, you can call 07013559600 or send a WhatsApp Message to 07013559600

Please drop your comments below

comments

Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Advertisement
Advertisement
Advertisement

Trending