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Monday, March 26, 2018

Buhari Signs Two Instruments on Double Taxation and Illegal Assets

Following the approval of the Federal Executive Council (FEC), President Muhammadu Buhari has signed two instruments namely: The Instrument of Ratification of the Agreement between the Government of the Federal Republic of Nigeria and the Government of the Republic of Singapore for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and Capital Gains. 


The other was the Instrument of Ratification of the Memorandum of Understanding (MoU)
among the Government of the Federal Republic of Nigeria; the Swiss Federal Council and the International Development Association on the Return, Monitoring and Management of Illegally-Acquired Assets Confiscated by Switzerland and to be Restituted to the Federal Republic of Nigeria. 

In a statement by the President's Special Adviser on Media and Publicity, Femi Adesina, with the execution of these instruments, Nigeria’s trade relations with Singapore and income therefrom are expected to rise, while the return of illegal assets would not only boost the administration’s anti-corruption drive, but also provide additional funds for critical infrastructure.

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