The Minister of Finance, Kemi Adeosun, said on Wednesday that the volume of trade between Nigeria and Singapore reached N846bn from 2011 to 2015 while the absolute balance of trade was N222 billion in favour of Nigeria.

She announced this in Abuja at the signing of an agreement on avoidance of double taxation with Singapore.

The balance of trade net of petroleum export stood at N42bn in favour of Singapore, while the volume of Foreign Direct Investment (FDI) from Singapore to Nigeria between 2010 and March 2015 was $908.8m.

She said Nigeria’s relations with Singapore had been on the increase since 2012, culminating in the first Nigeria-Singapore Business and Investment Forum in 2013.

She said negotiations for the agreement on avoidance of double taxation was held in Singapore in October 2013 but was concluded in October 2014.

She said Singapore was identified as a suitable tax treaty partner for Nigeria because it was currently one of the fastest growing economies in the world with a highly developed and successful free-market economy.

“It operates in a remarkably open and transparent environment, with stable prices and a per capita Gross Domestic Product higher than that of most developed countries.’’

She added that the treaty with Singapore was very important because of its consistency with Nigeria’s ongoing efforts to expand its treaty network.

Adeosun said the agreement had clearly spelt out taxing rights of each other in respect of different income derived from each country.

She said it would facilitate inter-state trade, economic and business activities by ensuring that nationals or enterprises of the two states were not taxed twice on the income of profits derived from the other country.

“It will assist prospective investors to know their income tax obligation in the other country as well as available tax incentives.

“It also spells out clearly, tax jurisdiction of each country in respect of all possible areas of business activities which give rise to taxation.’’

Dr Koh Koon, Senior Minister of State for Trade and Investment, Singapore, said the treaty was important to both countries to increase the trade volume between them.

“We hope that both governments would happily ratify both agreements so that it sends a strong signal to business communities on both sides that both our governments are committed to ease of doing business.

“This will enable companies to begin to look at investments on both sides seriously.’’

http://investorsking.com/nigeria-singapore-trade-volume-hits-n846bn-adeosun/

Who statistics epp when dollar exchange rate and cost of living is too high

The pelsin habove me, what network do you use?

Thought i would be the first to comment sha

Space booking.

All the news coming from this government in recent time has been commendable but we have been so deceived by the same government that we find it difficult to even believe that these aren't still propaganda.

2010 - 2015
GEJ regime
Yet some mumu talk say GEJ no good.


We need 2015 may - still now from one chance party

una no dey sleep?

Issorai

So how does this benefit the common man on the street.

Hnmm.. If only it will increase the standard of living, if only the common man on the street will benefit, if only the gap between the rich and the poor will reduce.. If only.... If only....

No need building castles in the air.. Nigeria is in the era of self urvival.. Survival of the fittest.. Be the boss and be above this financial downturn facing the country.

Visit www.entmirror.com
For Business ideas.

Who get Garment making business plan wey e fit dash me.....necidayo@Gmail.Com


Thank u o

Tolbanks:
The pelsin habove me, what network do you use?

Thought i would be the first to comment sha

u feeling my network well it's definitely not glo

A welcome development... But even more performance is needed from this economy...
Lets reproduce such a treaty and trade relations with other viable economies; we (the citizens) can't afford not to be better off....

Z

The Yoruba tribe is doing well

SirHouloo:
All the news coming from this government in recent time has been commendable but we have been so deceived by the same government that we find it difficult to even believe that these aren't still propaganda.

Its all propaganda!!

kn23h:
The Yoruba tribe is doing well

How?
The last time I checked, it was 2010 - 2015
GEJ was the president then

when we're busy shipping through AliExpress standard "Singpost" what do y'all expect?

THIS WOMAN WITH BIG BIG GRAMMAR, WHO DON'T KNOW HER WORK. 2010-2015 Was NGOZI IWEALA UNDER GEJ TENURE Who Knew What Economics Is AND Did Her Work... CALL HER N LEARN FROM HER.

What does a consuming country gat to trade with Singapore? I guess it is only a one way trade.

Hope powder business from SE developers not included in the estimate.

What are they using all this money for, Wicked souls.

Sultty:
Who statistics epp when dollar exchange rate and cost of living is too high

Do you need $$ to buy garri and pepper?

bashydemy:


Do you need $$ to buy garri and pepper?

who is taking about food

This singapore of a sturv are really trying,the dvd i'm currently using is from singapore and i've been using it for the past 4years

Sultty:
who is taking about food

LOL the last time i check our official currency is Naira..

bashydemy:


LOL the last time i check our official currency is Naira..

the last time I checked u r still a lazy and consuming nation