Nigeria and Singapore have signed a treaty for the avoidance of double taxation on income and capital gains tax between the two countries. To have the effect of law in Nigeria, the agreement must be ratified by the National Assembly, a process that is likely to take months or even years.
When operational, the treaty will provide enhanced reliefs to investors and businesses between both countries to eliminate or reduce the incidence of double taxation in addition to exchange of information and mutual assistance on tax matters.
Further details to follow.
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