President Bola Tinubu announced that the government has taken action to tackle the problem of double Taxation within the nation. On Friday, Ajuri Ngelale, the president’s special adviser for media and publicity, released the statement. Tinubu discussed this matter during his meeting with the Rwandan high commissioner, Christophe Bazivamo, at the State House in Abuja. In addition, the president was presented with letters of credence from Lorand Endreffy, the ambassador from Hungary; High Commissioner of Rwanda, Christophe Bazivamo; and Ivan Kholostenko, the ambassador from Ukraine.
In his speech at the visit, Tinubu assured international Investors that the repatriation of funds would be done with utmost precision and predictability. Furthermore, he emphasised the need for ambassadors to focus on uncovering new avenues for Trade collaborations that would benefit both parties involved. Tinubu also acknowledged the persistent worries surrounding funds being held back and reassured that steps were being taken to resolve these issues promptly, ensuring a swift release of the funds in question.
Democracy and effective governance will be advocated for.
They united as a family across the landmass with a steadfast commitment to advocating for democracy and upholding effective governance. An unwavering open-door policy will persist, with the added assurance that both the Minister of Foreign Affairs and the Chief of Staff will remain accessible, as declared by him. To resolve any confusion, their current focus lies on addressing the concerns regarding double taxation, ensuring a streamlined approach that ultimately fosters prosperous business expansion. Investors find solace and opportunity within the borders of Nigeria.
At the same time, Tinubu requested the Hungarian ambassador to thoroughly explore diverse channels for establishing collaborations, with a specific focus on agriculture, food security, and effective utilisation of the country’s technological expertise. Furthermore, Agriculture not only presents prospects for economic equality but also empowers individuals globally by facilitating their prosperity. Essentially, agriculture encompasses the art of harnessing natural resources to sustain human existence and foster economic advancement. Modern production methods and new technologies are implemented to blend the creativity, innovation, and expertise associated with cultivating crops and tending to animals.
Bilateral relations will be enhanced in the economy and agriculture.
Expressing his profound gratitude, he extended his heartfelt appreciation to them for diligently attending to the Nigerian students residing within their nation’s borders. Highlighting Nigeria’s immense stature and significant capacity for revitalising economic progress sustainably, Tinubu confidently declared its determination to enhance bilateral relations, particularly regarding the domains of agriculture and Food Security. In addition to offering sincere prayers, they pledged unwavering support for the promotion of effective governance and the upholding of democratic principles, as emphasised by the president.
The Rwandan high commissioner affirmed Rwanda’s eagerness to enhance the bond between their nation and Nigeria. This would be achieved through the implementation of new visa regulations and the establishment of trade agreements. The Hungarian ambassador, on the other hand, expressed appreciation towards the president for his audacious and well-planned measures undertaken to reorganise Nigerian Economy. Additionally, the ambassador highlighted various domains for potential collaboration with Nigeria, encompassing medical technology, education, agriculture, food security, and Security.
Double taxation poses challenges to the business environment.
Lastly, double taxation has the potential to act as a significant obstacle to fostering economic and technical collaboration, facilitating foreign capital investments and loans, and hindering the growth of economic and financial matters. International companies frequently encounter the predicament of dealing with dual taxation, which entails income being subjected to Tax in the nation where it is generated and subsequently taxed anew upon repatriation to the country of origin. The cumulative tax rate occasionally becomes exorbitant, rendering the pursuit of international business excessively costly.
