The legislature has commenced the process of ratifying three avoidance of double taxation treaties with Spain, South Korea and Sweden signed on 18 November 2004, 6 November 2006 and 23 June 2009 respectively. The treaties generally follow the Organisation for Economic Cooperation and Development [OECD] Model Tax Convention.
Ratification is required by Section 12(1) of the Nigerian Constitution which precludes treaties from having the force of law until they have been enacted into law by the National Assembly.
Below is our tax alert for more details and information on the recent OECD multilateral convention on tax treaties to which Nigeria has subscribed.
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