As part of the ongoing visit by President Muhammadu Buhari to the United Arab Emirates (UAE), both countries today signed six agreements on Trade, Finance and Judicial Matters; Avoidance of Double Taxation; Trade Promotion and Protection; Judicial Agreements on Extradition, Transfer of Sentenced Persons; Mutual Legal Assistance on Criminal Matters; and Mutual Legal Assistance on Criminal and Commercial Matters, which includes the recovery and repatriation of stolen wealth.
It should be noted that there is no income tax in the UAE compared to Nigeria so it will be interesting to see how the double taxation avoidance treaty will be equally beneficial to both countries. The signed treaty will require ratification by the Nigerian parliament before it becomes effective.
Watch this space for more details and a copy of the double tax agreement.
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