The Federal Authorities and the Republic of Rwanda have signed a landmark Settlement on the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Earnings, reaffirming their shared dedication to deepening financial cooperation and advancing non-public sector-led progress throughout Africa.
The high-level signing ceremony, held in Abuja on the sidelines of the Afreximbank Annual Conferences, was presided over by Nigeria’s Minister of Finance and Coordinating Minister of the Financial system, Mr. Wale Edun, alongside his Rwandan counterpart, Yusuf Murangwa, Minister of Finance and Financial Planning.
Minister Edun hailed the settlement as a strategic milestone following the current passage of 4 landmark tax reform payments in Nigeria. “This settlement is a important instrument for selling cross-border funding, guaranteeing tax certainty, and eliminating the chance of being taxed twice on the identical earnings,” he mentioned.
“It helps our broader goal of unlocking non-public sector capital, accelerating intra-African commerce, and positioning Nigeria as a aggressive vacation spot for funding underneath the African Continental Free Commerce Space (AfCFTA).”
The treaty simplifies tax administration, improves transparency, and aligns Nigeria with world requirements, guaranteeing that each governments can shield taxpayers, cut back loopholes, and fight fiscal abuse. It’s anticipated to bolster confidence amongst buyers working in each international locations, significantly in sectors similar to expertise, finance, agriculture, and logistics.
Rwanda’s Finance Minister, Yusuf Murangwa, echoed the sentiment of partnership and long-term ambition: “This settlement is a testomony to the sturdy partnership between Rwanda and Nigeria, and a important step in making a unified, investor-friendly Africa. We imagine this may function a mannequin for deeper regional integration and shared prosperity.”
Each ministers acknowledged the dedication of their technical groups, whose professionalism and foresight formed the framework for this consequence.
The settlement not solely cements bilateral tax cooperation but additionally opens the door for enhanced commerce, expertise collaboration, and capital flows, laying the muse for a extra resilient, built-in African financial system.
What you must know
President Bola Tinubu has signed into legislation 4 tax reform payments on key areas of Nigeria’s fiscal and income framework.
Tinubu signed the payments at a ceremony held on the Presidential Villa on Thursday.
The 4 payments embody: the Nigeria Tax Invoice, the Nigeria Tax Administration Invoice, the Nigeria Income Service (Institution) Invoice, and the Joint Income Board (Institution) Invoice.
They have been handed by the Nationwide Meeting after months of consultations with varied curiosity teams and stakeholders.
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