Nigeria and the Hong Kong Special Administrative Region of the People’s Republic of China have signed a landmark agreement aimed at eliminating double taxation, preventing tax evasion, and deepening economic cooperation between the two jurisdictions.
The Agreement for the Elimination of Double Taxation with Respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance was signed during a virtual ceremony on Sunday by the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, on behalf of Nigeria, and Hong Kong’s Secretary for Financial Services and the Treasury, Mr. Christopher Hui.
Speaking at the signing ceremony, Oyedele described the treaty as a major milestone in the growing economic and commercial relationship between Nigeria and Hong Kong, noting that it reinforces Nigeria’s commitment to creating a transparent, predictable and investor-friendly tax environment.
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According to the minister, the agreement will help strengthen cross-border trade and investment by providing greater certainty for businesses operating in both jurisdictions while supporting sustainable economic growth.
He noted that the treaty comes at a strategic time as Nigeria seeks to deepen its integration into global value chains and expand economic partnerships across Asia.
Oyedele described Hong Kong as a leading international financial and commercial hub, expressing confidence that the agreement would facilitate increased engagement between the private sectors of both economies and unlock new investment opportunities.
The minister also commended the negotiating teams from both sides for their professionalism and dedication throughout the negotiation process, saying their efforts produced a balanced agreement that aligns with international best practices while protecting the interests of both parties.
The double taxation agreement is expected to eliminate the burden of taxing the same income in both jurisdictions, reduce tax-related barriers to investment, and strengthen cooperation in combating tax evasion and avoidance.
Analysts say such treaties are important tools for attracting foreign direct investment, enhancing investor confidence, and promoting international trade by providing a clear framework for taxation of cross-border business activities.
The agreement forms part of Nigeria’s broader strategy to expand its network of tax treaties, strengthen international tax cooperation and create a more competitive environment for global investors seeking opportunities in the country’s economy.
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