- Nigeria and Singapore have just signed a treaty for the avoidance of double taxation on income and capital gains tax between the two countries. However, it wont have any legal effect in Nigeria until the agreement is ratified by the National Assembly. When operational, the treaty will provide more reliefs to investors and businesses between the two countries to eliminate or reduce the incidence of double taxation. Additionally, there will be enhanced system of exchange of information and mutual assistance on tax matters.
- 27 new industries have been granted pioneer status by the Federal Government of Nigeria. Pioneer status presents an incentive to corporate entities with such status to be exempted company income tax for up to 5 years. Mineral oil prospecting and production was removed while new industries/products such as Waste management/recycling; Oil refining and petrochemical; Regional shared service centres and Preservation of food crops have been included in the list by the Federal Executive Council.
For more details on any of our submission, Please watch this space or contact Habile Consulting at 4, Abraham Afolabi Street, General Bus Stop, Abule-Egba, Lagos or call 0818-564-1411