Nigeria, Hong Kong Sign Double Taxation Treaty To Boost Investment

Nigeria and Hong Kong have signed a double taxation treaty aimed at making cross-border trade and investment easier for companies operating between both sides.

The agreement was signed virtually by Finance Minister Taiwo Oyedele for Nigeria and Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury, for the Hong Kong Special Administrative Region of China.

The treaty is meant to stop the same income from being taxed twice, reduce tax evasion and give businesses more certainty when they invest or trade across both jurisdictions.

Oyedele said the agreement fits Nigeria’s push for a more predictable tax system and wider economic links in Asia. Hong Kong was described in the reports as a major financial and commercial centre, while Nigerian officials said the treaty should help private-sector investment between the two economies.

The Ministry of Finance said the pact is part of Nigeria’s broader plan to expand economic cooperation, improve investor confidence and remove tax barriers that can slow legitimate business activity.

Sources: Vanguard, Premium Times