Abbas: We’ll revisit bill to eliminate double taxation of companies operating in Nigeria, South Korea

Tajudeen Abbas, speaker of the house of representatives, says the lower chamber will revisit a bill seeking to eliminate double taxation of companies operating in Nigeria and South Korea.

He also called for more trade and technological relationships between the two countries.

According to a statement issued by Musa Krishi, his adviser on media and publicity, Abbas spoke when a delegation from the South Korean embassy to Nigeria and the 21st national assembly of South Korea visited him at his office in Abuja on Tuesday.

The purpose of the delegation’s visit was to seek Nigeria’s support for the Asian country’s World Expo 2023 hosting bid.

Abbas particularly called for more investment by South Korea in Nigeria’s energy and mining sectors.

He said the focus of the Nigerian government and the 10th House was to strengthen the economic ties between Nigeria and South Korea “to achieve the Fourth Industrial Revolution in technology development and transfer.”

He, therefore, called for increased collaboration between the parliaments of both countries to “strengthen areas that require legislative actions in our budding relations.”

“There was a mutual understanding to initiate a treaty against double taxation on the businesses of both Nigeria and South Korea which, though passed by the National Assembly, was not assented to by the then President of Nigeria,” Abbas said.

“The 10th House of Representatives will revisit the bill on double taxation to remove obstacles mitigating against smooth investments in both are countries. 

“The 10th House has also reconstituted the Nigeria-Korea Friendship Group to broaden our parliamentary relations and promote mutual understanding and cooperation in the areas of capacity development and investments.

“With over 20 Korean companies in Nigeria, such as Samsung, LG and Daewoo, and investments worth over $2billion, it is an enormous contribution to the economy of Nigeria.

“The recent Korean Government supply of a vessel to the Nigerian Navy confirms the deep mutual relations, which the 10th House will do everything to sustain.”

Abbas spoke on the need for an increase in the promotion of business opportunities, including trade fairs and exhibitions, between the two countries.

The speaker also said Nigeria and the Korea International Cooperation Agency (KOICA) should collaborate to accelerate technology and infrastructure development in Nigeria as well as job creation for the youth.

He assured the Korean delegation of Nigeria’s support for the Asian country’s World Expo hosting bid.

Speaking on behalf of the delegation, Lee Hun-Seung, a South Korean lawmaker, thanked Abbas for “welcoming us with open arms.”

Noting that Nigeria is South Korea’s largest trading partner on the African continent, he hailed Nigeria’s huge natural resources.

“Our economies are quite complementary with each other,” he said.

Hun-Seung also said the Korea-Africa summit scheduled for next year would help to lay a new foundation of the relationship between the country and Nigeria.