Nigeria and the Hong Kong Special Administrative Region of China have signed a bilateral agreement to eliminate double taxation and strengthen economic cooperation between both jurisdictions.
The agreement, signed virtually on Monday, is aimed at preventing the double taxation of income, curbing tax evasion and avoidance, and creating a more predictable tax environment for businesses and investors operating across both economies.
|
|
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, signed the agreement on behalf of the Federal Government, while Hong Kong’s Secretary for Financial Services and the Treasury, Christopher Hui, signed on behalf of the Hong Kong Special Administrative Region.
Speaking during the ceremony, Mr Oyedele described the agreement as a significant milestone in the growing economic relationship between Nigeria and Hong Kong.
|
|
|
|---|
He said the treaty demonstrates Nigeria’s commitment to building a transparent, predictable and investor-friendly tax system capable of supporting trade, investment and long-term economic growth.
Although the signing was conducted virtually, the minister said its significance remained substantial, reflecting the commitment of both governments to deepen economic cooperation and facilitate cross-border investment.
He noted that the agreement comes at a time when Nigeria is expanding its economic partnerships across Asia and seeking greater integration into global value chains.
Stay Ahead with Premium Times
Follow us on Google News and never miss breaking stories, investigations, and in-depth reporting.
Add as a preferred source on Google
Mr Oyedele described Hong Kong as one of the world’s leading international financial and commercial centres, expressing confidence that the treaty would encourage stronger private-sector collaboration and create new investment opportunities for businesses in both jurisdictions.
He also commended officials from both sides who negotiated the agreement, saying they produced a balanced treaty that aligns with international best practices while protecting the interests of both parties.
READ ALSO: FG issues guidelines for transition to new tax regime
The minister expressed appreciation to the Hong Kong government and all stakeholders involved in concluding the agreement.
Treaty to reduce tax barriers
According to the Ministry of Finance, the agreement is designed to eliminate the double taxation of income earned across both jurisdictions, prevent tax evasion and tax avoidance, and provide greater certainty for businesses and investors.
The ministry said the treaty forms part of Nigeria’s broader strategy to expand its network of double taxation agreements in order to facilitate international trade, attract foreign investment and strengthen global tax cooperation.
Nigeria has entered into similar tax treaties with several countries as part of efforts to improve the ease of doing business, reduce tax barriers for cross-border transactions and enhance investor confidence.
Discover more from Premium Times Nigeria
Subscribe to get the latest posts sent to your email.
More News
