The Republic of Mauritius and the Republic of Nigeria signed on August 10 a Double Taxation Avoidance Agreement (DTAA). The agreement was signed at Le Maritim Hotel in Balaclava by the Vice-Prime Minister, Minister of Finance and Economic Development, Mr Xavier-Luc Duval and the Minister of Finance and Coordinating Minister for Economy of Nigeria, Dr. Mrs Ngozi Okonjo-Eweala.
The DTAA will give further spur to the positive evolution of economic ties between the two countries by providing greater tax certainty for businessmen while making clear the taxing rights of Mauritius and Nigeria on all forms of income arising from cross-border economic activities. It will also give a boost to cross-border investment by protecting investors from direct or indirect double taxation and enhance the commercial and economic relations and broaden investment opportunities for the business community of the two countries.
Speaking at the signing ceremony, Vice-Prime Minister Duval highlighted the increasing role of Mauritius as gateway for investment in Africa adding that Mauritius is willing to strengthen economic relations with Nigeria. Nigeria which is the second fastest growing economy in Africa with seven percent average growth over the last decade offers important opportunities for Mauritian businessmen, he said. Mr. Duval outlined the hotel industry, agriculture, food processing, ICT, construction and financial services as potential sectors where both countries can trade.
For her part, Mrs Ngozi Okonjo-Eweala recalled that Nigeria has several natural resources mainly minerals and oil. According to her, the level of trade within Africa is low mainly due to trade barriers. She expressed the hope that the DTAA will help bring down those barriers and improve integration between Nigeria and Mauritius.
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