Juliana Taiwo-Obalonye, Abuja
President Muhammadu Buhari has signed instruments for the ratification of agreements between Nigeria and the government of Singapore fir the avoidance of double taxation.
He has also, in similar vein, signed instruments on the Return, Monitoring and Management of Illegally-Acquired Assets Confiscated by Switzerland and to be Restituted to the Federal Republic of Nigeria.
The signing of the agreements followed earlier ratification granted by the Federal Executive Council (FEC).
Special Adviser to the President on Media and Publicity, Femi Adesina, in statement, said the agreement with Singapore would improve Nigeria’s income from trade with that country.
“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 President also signed 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.
“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 will not only boost the administration’s anti-corruption drive, but also provide additional funds for critical infrastructure.”