by Lekan Olanrewaju
The Federal Government has ordered the Federal Inland Revenue Service (FIRS) to review Nigeria’s Double Taxation Treaty regime.
This review is in line with the ongoing reforms of the Nigerian tax system
The Coordinating Minister for the Economy and Minister of Finance Dr. Ngozi Okonjo-Iweala made this announcement on Monday at the workshop on tax treaty in Abuja.
“Over the coming weeks, we will present a memorandum to the Federal Executive Council for the ratification of two other tax-related treaties entered into by the Federal Government.” she said. “One with Sweden and the other being Nigeria’s membership of the African Tax Administration Forum (ATAF), the umbrella body for tax administration in Africa”
“No nation or government, which wishes to bring development to its people and become a respected voice in the international community, will ignore these critical issues.”
She also mentioned that Nigeria’s tax treaty regime currently consists of operational treaties with ten countries – the most recent with China, which she said became operational in 2010.