Buhari writes National Assembly on Nigeria's, S/Korea, Spain, Sweden taxation pact

President Muhammadu Buhari has written the National Assembly on the taxation agreements between Nigeria, South Korea, Spain and Sweden on taxation.

The Senate President Bukola Saraki read the letter, entitled: "Transmission of bills for Acts to provide for domestication and enforcement in Nigeria of the avoidance of double taxation agreements between the Federal Republic of Nigeria and other countries (South Korea, Spain and Sweden) on the floor on Tuesday.

Buhari noted that the agreements between the countries facilitated inter-states trade, economic and business activities as well as enable prospective investors to know the income tax obligation in each country and the tax incentives available.

"Pursuant to above, the Federal Government of Nigeria entered into agreements for the avoidance of double taxation with Kingdom of Sweden, Republic of South Korea and Kingdom of Spain which were duly executed on 18th November, 2004; 6th November, 2006 and 23rd June 2009 respectively, after series of negotiations between Nigeria and each of these countries, "he said.

He said for the agreements to be enforceable in Nigeria, he said the agreements must be domesticated in line with the provision of Section 12 (1) of the 1999 Constitution of the Federal Republic Of Nigeria.

"Bearing in mind the interest of Nigeria and each of the three countries to these agreements vis-a-vis, the economic vision of this government, the coming into force of these agreements will no doubt facilitate the interchange of direct foreign investment," he said.