Nigeria and Singapore have finalised decisions to sign air services and tax agreements to strengthen their bilateral air services and curb double taxation on investments in both countries.
Ambassador Nonye Rajis-Okpara, Nigeria’s Ambassador to Singapore, confirmed the plan in an interview she granted with the News Agency of Nigeria on Monday, June 1, 2015 in Abuja, Nigeria’s capital.
Rajis-Okpara said the agreement would be sealed on August 4 in Singapore.
She said it would ensure that passenger air carriers from Nigeria and Singapore would have the authority to operate any number of air services between and beyond both countries.
According to her, the double taxation component of the agreement would clarify the taxing rights on different incomes and investments arising from cross border economic activities involving the two nations.
She said the agreements would also encourage reduction or exemption of tax on certain types of income.
Rajis-Okpara said,”The main barrier in the negotiation of agreement is the concession of mutual privileges. The two countries must be satisfied that the agreement guarantees that both parties are equal beneficiaries.
“However, the absence of a national carrier in Nigeria to reciprocate the agreement is a major problem but that would be taken care of.
“Singapore seeks to promote an environment where enterprises thrive, ideas flourish and innovation prevails.
“Singapore supports the introduction of new aviation technology, products and processes and works with the industry to develop and enhance its capabilities.”
Rajis-Okpara said an Investment Promotion and Protection Agreement would also be signed between Nigeria and Singapore.
According to her, the agreement would seek to ensure non-discrimination, fair and equitable treatment for Nigerian investors and investments in Singapore and vice versa, among other provisions.
Rajis-Okpara said the signing of the agreements which would feature at the Nigeria-Singapore Business and Investment forum would provide a face-to-face platform for both Nigerian and Singaporean entrepreneurs to exchange ideas.