The Federal Executive Council (FEC), has approved an agreement for the avoidance of double taxation and the prevention of evasion of taxes on income and capital benefits, between Nigeria and Singapore.
Also on Wednesday, the FEC approved bilateral air service agreement with the State of Qatar and Singapore.
The Minister Of Finance, Mrs Kemi Adeosun, told State House Correspondents at the 22nd FEC meeting, that the agreement is aimed at encouraging “more direct foreign investments into Nigeria.
Furthermore, it is aimed at “letting investors know what their tax obligations will be and ensuring sustainable tax regime for each country.”
According to her, the agreement was because Singapore is a major trading partner with Nigeria.
Also in attendance were Information and Culture Minister, Lai Mohammed and the Minister of State for Aviation, Hadi Sirika.
The agreement seems to be an indication that Singapore’s rejection of clemency appeal by a Nigerian man accused of drug possession, has not affected its bilateral relations with Nigeria.
Mr Sirika said that Singapore was fast becoming the most efficient and biggest hub around the far-eastern part of the globe, serving New Zealand, Australia, Japan, China, Singapore, Indonesia and others.
“We thought that in our efforts to also create a hub within Nigeria, the centre of Africa, we can leverage on the opportunity to create air services between the two countries.
While praising Qatar’s robust aviation and ability to move goods and services in a very efficient manner, he said: “We saw the need to sign some agreements so that it will define how we are going to do businesses between Nigeria, Qatar and Singapore.”
