Bill To End Multiple Taxation Underway, Says Speaker Tajudeen Abbas

Tajudeen Abbas, the Speaker of the House of Representatives, has said that the 10th National Assembly is committed to resolving the issue of multiple taxation in the country.

To achieve this, a bill addressing the concern will be introduced while a committee has already been formed in this regard.

Abbas stated this during a visit from Mr. Lee Hun Seung, the South Korean Ambassador to Nigeria, in Abuja on Tuesday.

The Speaker highlighted the collaborative efforts between the two countries to alleviate this challenge and foster a conducive environment for business growth.

Abbas acknowledged that South Korea has a significant presence in Nigeria, with over 20 companies and investments totaling more than N3 billion, stressing the importance of reducing the burden of multiple taxation on these enterprises to facilitate their expansion.

Furthermore, Abbas praised the constructive relationship between the parliaments of South Korea and Nigeria since 2015, considering it a valuable investment. He emphasized that the 10th assembly’s priority is to enhance economic ties between the two nations.

He urged the South Korean parliament to continue collaborating with their Nigerian counterparts on legislation that will further enhance the bilateral relations. He also encouraged the promotion of business through trade fairs and investments in the mining and petroleum sectors.

In response, Seung expressed his country’s commitment to solidify the economic connection between South Korea and Nigeria. He emphasized their willingness to offer technological partnerships that would mutually benefit both nations. Seung noted that Nigeria holds a vital position as South Korea’s largest trading partner in Africa.

Seung shared that a G20 meeting is scheduled for September, during which President Bola Tinubu will participate.

He revealed plans for the South Korean President and President Tinubu to engage in discussions on enhancing their partnership.

Seung viewed this upcoming meeting as a catalyst for strengthening the relationship between Nigeria and South Korea, while also congratulating President Tinubu on his election.