Investor Presentaiton

KPMG The Country and its institutions 6.8 Demurrage Business Organisation Labour and Social and Regulation Security Regulations The Nigerian Financial Services Industry Tax System Foreign Exchange Transactions Investment in Nigeria Accounting and Auditing Requirements Importation of Goods Exportation of Goods COVID-19 Economic and Fiscal Measures 6.9 Demurrage collected by a local shipping agent on behalf of its foreign principal and deposited in a dedicated account, may be repatriated. This is, however, subject to payment of the appropriate tax on the amount to be remitted and compliance with other documentation requirements. In addition, there must be an underlying agreement between the local shipping agent and the principal, and the vessel must be duly certified by the Nigerian Ports Authority as having arrived in the country. Foreign Mortgages The Nigerian foreign exchange regulations permit the remittance of foreign exchange for payments in respect of foreign mortgages. The critical documentation requirements include the mortgage deed in the name of the applicant, evidence of tax payment in Nigeria, schedule of outstanding mortgage liability and letter of request from the applicant. Investment in Nigeria Guide - 8th Edition 64 E

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