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Mauritius signs DTAA with Nigeria
On 10 August 2012, the Republic of Mauritius signed a Double Tax Avoidance Agreement ("DTAA") with the Federal Republic of Nigeria. With this move, Mauritius further extends its DTAA network with African countries to 17 (out of which 13 have been ratified). Mauritius is also expected to sign an Investment Promotion Protection Agreement with Nigeria in the near future. Taxand Mauritius investigates the DTAA with Nigeria, and what this means for the country.
Mauritius has been ranked as being the leading country for doing business in Africa by the World Bank/ IFC Doing Business Report 2012. With this growing number of bilateral agreements, Mauritius is enhancing its position as a safe, trusted and well-established international financial centre, while consolidating its aspirations to be the natural choice of business and investment gateway into Africa.
Through using DTAA's to consolidate its position as an investment gateway into Africa, Mauritius is becoming an ideal channel for multinationals to expand into African markets. The DTAA promotes the economic ties between the two countries and will bring welcome certainty to investors, encouraging cross-border investment by protecting investors from double taxation.