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Nigeria and the Hong Kong Special Administrative Region have signed an agreement to eliminate double taxation and prevent tax evasion, as Finance Minister Taiwo Oyedele described the deal as a major milestone in growing economic and commercial relations.
The agreement was signed during a virtual ceremony on Monday by Oyedele on behalf of Nigeria and Christopher Hui, Hong Kong’s secretary for financial services and the treasury.
The Ministry of Finance said the agreement is designed to eliminate double taxation of income earned across both jurisdictions, prevent tax evasion and avoidance, and provide greater certainty for businesses and investors.
Oyedele said the treaty reflects Nigeria’s commitment to building a transparent, predictable and investor-friendly tax environment that supports trade, investment and sustainable economic growth, describing it as part of Nigeria’s broader strategy of expanding its network of tax treaties.
Key Points:
Nigerian businesses operating in Hong Kong may face reduced tax liabilities and clearer rules.
The agreement could attract more foreign direct investment into Nigeria from Asian markets.
Investors benefit from reduced uncertainty, lowering the cost of cross-border transactions.
Expanding tax treaties signals Nigeria’s openness to international economic integration.
Timing of the agreement aligns with Nigeria’s push to deepen global value chain participation.
Implementation of the agreement and subsequent investment flows between Nigeria and Hong Kong will determine its real economic impact.
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