2023-07-08 13:50:59
This progress has enabled the black continent in particular to record “additional revenue of nearly 1.7 billion euros” over the past thirteen years.
Are African countries becoming tax revenue champions? The Organization for Economic Co-operation and Development (OECD) recently estimated that Africa loses up to $60 billion each year in illicit financial flows. However, a new report from Tax Transparency in Africa argues that African countries are on the right track to turn the tide.
From 2009 to 2022, ensure the authors of the document, on the sidelines of the thirteenth meeting of the Africa Initiative, organized from July 6 to 7, 2023 in Cape Town, South Africa, African countries have “achieved 1.69 billion euros in additional revenue through voluntary disclosures, implementation of information exchange mechanisms and rigorous investigations of offshore activities related to tax evasion and illicit financial flows”.
During this period, Tax Transparency in Africa acknowledges that the actions taken by African states “effectively boosted” tax revenue, interest and penalties, a situation that is behind “substantial progress in tax transparency in across the continent”.
Co-produced by the Global Forum on Transparency and Exchange of Information for Tax Purposes, the African Union Commission and the African Tax Administration Forum, with the support of the African Development Bank (AfDB) , the report showcases the progress made by 38 African countries in tackling tax evasion and other illicit financial flows through transparency and exchange of information. Five third countries took part in the study, specifies the AfDB in a press release received by APA on Saturday.
Launched in 2014, the Africa Initiative is a partnership between the Global Forum, 33 African countries and 16 partners, including the AfDB, the African Union Commission, the European Union and the governments of Switzerland and the United Kingdom. . It aims to ensure that African countries are equipped to participate in advances in global transparency, to better combat tax evasion and other illicit financial flows and ultimately improve domestic resource mobilization. .
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