ADVERTISEMENT

Nigeria, Singapore trade volume hits N846bn in 2015

She announced this in Abuja at the signing of an agreement on avoidance of double taxation with Singapore.

Kemi Adeosun, Minister of Finance,

The balance of trade net of petroleum export stood at N42 billion in favour of Singapore, while the volume of Foreign Direct Investment (FDI) from Singapore to Nigeria between 2010 and March 2015 was 908.8 million dollars.

She said Nigeria’s relations with Singapore had been on the increase since 2012, culminating in the first Nigeria-Singapore Business and Investment Forum in 2013.

She said negotiations for the agreement on avoidance of double taxation was held in Singapore in October 2013 but was concluded in October 2014.

ADVERTISEMENT

She said Singapore was identified as a suitable tax treaty partner for Nigeria because it was currently one of the fastest growing economies in the world with a highly developed and successful free-market economy.

“It operates in a remarkably open and transparent environment, with stable prices and a per capita higher than that of most developed countries.’’

She added that the treaty with Singapore was very important because of its consistency with Nigeria’s on-going efforts to expand its treaty network.

Adeosun said the agreement had clearly spelt out taxing rights of each other in respect of different income derived from each country.

She said it would facilitate inter-state trade, economic and business activities by ensuring that nationals or enterprises of the two states were not taxed twice on the income of profits derived from the other country.

ADVERTISEMENT

“It will assist prospective investors to know their income tax obligation in the other country as well as available tax incentives."

“It also spells out clearly, tax jurisdiction of each country in respect of all possible areas of business activities which give rise to taxation.’’

Dr Koh Koon, Senior Minister of State for Trade and Investment, Singapore, said the treaty was important to both countries to increase the trade volume between them.

“We hope that both governments would happily ratify both agreements so that it sends a strong signal to business communities on both sides that both our governments are committed to ease of doing business."

“This will enable companies to begin to look at investments on both sides seriously.’’

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Hardship: Abiodun to begin sale of rice to Ogun residents at 50% discount

Hardship: Abiodun to begin sale of rice to Ogun residents at 50% discount

Labour Party offers Peter Obi 2027 presidential ticket unopposed

Labour Party offers Peter Obi 2027 presidential ticket unopposed

Allow us build seaports, railways to develop the South-East - Ohanaeze tells FG

Allow us build seaports, railways to develop the South-East - Ohanaeze tells FG

UCH Ibadan workers are tired of working in darkness as power outage persists

UCH Ibadan workers are tired of working in darkness as power outage persists

Armed robbery suspect who killed police officer begs govt to have mercy on him

Armed robbery suspect who killed police officer begs govt to have mercy on him

Tinubu enlists Dangote, Elumelu, Rabiu, others in Economic Coordination Council

Tinubu enlists Dangote, Elumelu, Rabiu, others in Economic Coordination Council

Sanwo-Olu doesn't want you to blame govt for current hardship in the country

Sanwo-Olu doesn't want you to blame govt for current hardship in the country

Okuama: Slain officers left behind 3 pregnant widows, 21 orphans – Lagbaja

Okuama: Slain officers left behind 3 pregnant widows, 21 orphans – Lagbaja

Joke Silva describes neglect of Lagos theatres as sad development

Joke Silva describes neglect of Lagos theatres as sad development

Pulse Sports

Nigeria vs Mali: Has Finidi George done enough to land Super Eagles job permanently?

Nigeria vs Mali: Has Finidi George done enough to land Super Eagles job permanently?

I want to emulate Keshi and win the AFCON - Finidi George shares ambitious Super Eagles dream

I want to emulate Keshi and win the AFCON - Finidi George shares ambitious Super Eagles dream

Michelle Alozie: I had to do it because of African referees

Michelle Alozie: I had to do it because of African referees

AC Milan star reveals he was named after Super Eagles legend Tijani Babangida

AC Milan star reveals he was named after Super Eagles legend Tijani Babangida

Give him the job! Super Eagles fans beg NFF to make Finidi George permanent coach after Nigeria's win over Ghana

Give him the job! Super Eagles fans beg NFF to make Finidi George permanent coach after Nigeria's win over Ghana

Super Eagles 2-1 Black Stars: Nigerians praise Iwobi, Lookman, Finidi George after friendly victory against Ghana

Super Eagles 2-1 Black Stars: Nigerians praise Iwobi, Lookman, Finidi George after friendly victory against Ghana

ADVERTISEMENT
ADVERTISEMENT