Countries enter into agreements/DTT on the basis that this would ultimately benefit both economies. However, this is not always the case, as some countries have apparently benefited more than others from DTT agreements. In this context, the federal government should also review the current tax arrangements with other countries to determine whether Nigeria actually benefits from these DTTs. If it is established that Nigeria is not doing so, the renegotiation and modification of key DTT clauses should not be repealed. Depending on the contract (manufacturing processes, etc.) Act 1 (TMPA) is defined as an instrument for which there is an obligation of international law between the Federation and any other country and which includes “conventions,” “acts,” “general acts,” “protocols,” “agreements” and “modi-vivendi,” whether bilateral or multilateral. Therefore, a treaty is a treaty between sovereign states that can be bilateral; Whether it is mandatory or multilateral between two states; more than two states in this case. On the basis of international trade conventions, each country is allowed to adopt laws, rules and regulations that govern its trade relations with other countries so that it can achieve the desired strategic objectives. An important aspect of these trade laws is the tax legislation that governs how the incomes of individual countries are taxed. Since the laws of one country may differ from those of another country, there may be potential conflicts that may impose the same income in different countries. This requires international conventions or treaties to establish conditions under which residents of different countries where conflicts are minimal can trade with each other and reduce the frequency of double taxation on their income. Improving double taxation schemes in Nigeria has been saved A circular from the Nigerian Federal Domestic Revenue Service (FIRS) contains guidelines for the use of benefits under an income tax agreement.
Nigeria has DTTs with Belgium, Canada, China, the Czech Republic, France, the Netherlands, Pakistan, the Philippines, Romania, the Slovak Republic, South Africa and the United Kingdom.