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Hong Kong and Nigeria enter into tax pact (with photos)
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     The Secretary for Financial Services and the Treasury, Mr Christopher Hui, had an online bilateral meeting today (July 13) with the Minister of Finance and Co-ordinating Minister for the Economy of Nigeria, Mr Taiwo Oyedele, and signed on behalf of the Hong Kong Special Administrative Region Government a comprehensive avoidance of double taxation agreement (CDTA) with the Government of Nigeria.

     At the meeting, Mr Hui highlighted to Mr Oyedele the latest developments of Hong Kong as an international financial centre, including its top-tier global positions in areas such as cross-boundary wealth management, global competitiveness and tax policy. Besides, with a view to developing Hong Kong into a global gold trading, clearing, and reserve hub, the Government recently commenced the trial operation of Hong Kong's new central clearing and settlement system for gold, together with a suite of targeted initiatives aiming to build a modern and full-chain gold trading ecosystem.

     Mr Hui said, "Nigeria is the most populous country in Africa, and its gross domestic product ranks third on the continent. Nigeria is a participant in the Belt and Road Initiative and an important trading partner of Hong Kong in Africa. As I pointed out earlier, the continued expansion of our CDTA network, especially with economies along the Belt and Road, provides Hong Kong-based enterprises with greater tax certainty and avoidance of double taxation when expanding their business overseas. This can encourage corporations to centralise their fund management, asset allocation and risk management in Hong Kong. This is the 59th CDTA that Hong Kong has concluded and also the fourth one this year. We will continue to step up our efforts in this regard, aiming to create a more attractive business and investment environment."

     This CDTA sets out the allocation of taxing rights between Hong Kong and Nigeria. In accordance with this CDTA, any tax paid by Hong Kong residents in Nigeria will be allowed as a credit against the tax payable in Hong Kong in respect of the same income, subject to the provisions of the Inland Revenue Ordinance (Cap. 112) (IRO). Moreover, Nigeria's withholding tax rates for Hong Kong residents on dividends and interest, and for Hong Kong companies on royalties, which are currently at 10 per cent, will be reduced to 7.5 per cent.

     The CDTA will come into force after completion of ratification procedures by both sides. In Hong Kong, the Chief Executive in Council will make an order under the IRO, which will be tabled at the Legislative Council for negative vetting. Details are available on the Inland Revenue Department's website.
 
Ends/Monday, July 13, 2026
Issued at HKT 19:28
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The Secretary for Financial Services and the Treasury, Mr Christopher Hui (right), and the Minister of Finance and Co-ordinating Minister for the Economy of Nigeria, Mr Taiwo Oyedele (left), sign on behalf of the Hong Kong Special Administrative Region Government and the Government of Nigeria respectively a comprehensive avoidance of double taxation agreement today (July 13).
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, and the Minister of Finance and Co-ordinating Minister for the Economy of Nigeria, Mr Taiwo Oyedele, signed on behalf of the Hong Kong Special Administrative Region Government and the Government of Nigeria respectively a comprehensive avoidance of double taxation agreement today (July 13). Photo shows Mr Hui (right) and Mr Oyedele (left) at the signing ceremony.
The Secretary for Financial Services and the Treasury, Mr Christopher Hui (right), and the Minister of Finance and Co-ordinating Minister for the Economy of Nigeria, Mr Taiwo Oyedele (left), have an online bilateral meeting today (July 13). Mr Hui highlights to Mr Oyedele the latest developments of Hong Kong as an international financial centre, including its top-tier global positions in areas such as cross-boundary wealth management, global competitiveness and tax policy. He also indicates that with a view to developing Hong Kong into a global gold trading, clearing, and reserve hub, the Government recently commenced the trial operation of Hong Kong's new central clearing and settlement system for gold, together with a suite of targeted initiatives aiming to build a modern and full-chain gold trading ecosystem.