Nigeria (Double Taxation Agreement)

Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 4th May 1965.

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Photo of Mr John Tilney Mr John Tilney , Liverpool Wavertree 12:00 am, 4th May 1965

asked the Chancellor of the Exchequer whether he will seek to amend the double taxation agreement with Nigeria so that the provisions of Section 17 of the Finance Act, 1961, may be implemented and the tax relief granted by Nigeria to assist developing industries not be frustrated.

Photo of Mr Niall MacDermot Mr Niall MacDermot , Derby North

We are already in touch with Nigeria about the possible revision of the Double Taxation Agreement.

Photo of Mr John Tilney Mr John Tilney , Liverpool Wavertree

Can the hon. and learned Gentleman say whether he is also in touch with other developing countries which are very worried about the effect of the Finance Bill on private enterprise investment?

Photo of Mr Niall MacDermot Mr Niall MacDermot , Derby North

That goes far beyond the scope of the Question. My right hon. Friend said in his Budget speech that he would be seeking the renegotiation of many of these double taxation agreements.

Photo of Sir Rolf Williams Sir Rolf Williams , Exeter

If the hon. and learned Gentleman does not succeed in negotiating new double taxation reliefs, will he allow the present situation to continue, or will he maintain the withholding tax of 40 per cent. as against the Americans' 15 per cent.?

Photo of Mr Niall MacDermot Mr Niall MacDermot , Derby North

This is a matter which we shall debate on the Finance Bill, but it is far outside the scope of this Question.