Nigeria on quest to almost double tax-to-GDP ratio in three yearsAugust 2023
Nigeria has one of the world’s lowest tax collection rates and wants to increase revenue in the face of its $167bn debt.
Nigeria Singapore Tax TreatyAugust 2017
Nigeria and Singapore signed on August 2, 2017 a DTA, double tax treaty.
The tax withholding rates according to the DTA will be the same, 7.5%, for payments of dividends, interest and royalties.
Nigeria Spain Tax TreatyJuly 2015
The double tax treaty, DTA, between the two countries entered into force on June 6, 2015 applying from the same date.
The tax withholding rates according to the DTA are 7.5%/10% for payment of dividends, depending if the recipient holds 10% or more of the payer's capital.
The withholding rate for interest is 7% while for royalties the rates are 3.75%/7.5%.
Nigeria to Increase VAT RateMay 2010
Nigeria is expected to pass a bill soon doubling the VAT rate from the current 5% to 10%.
The increase is supported by the Nigerian president and the Inland Revenue Service planning to shift from direct to indirect taxation in order to increase the federal revenue.
Note: The information in this site is for general guidance only. Users of this site are advised to take professional advice before taking practical tax decisions.
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