New report reveals African Countries have generated €1.7 billion in additional Revenues from tackling tax evasion and illicit financial flows.

July 12, 2023 AELEX Admin 0 Comments

According to the 2023 Tax Transparency in Africa(link is external) progress report unveiled at the 13th Meeting of the Africa Initiative in Cape Town today, African countries have realised additional revenues totalling €1.69 billion thanks to voluntary disclosures, the implementation of information exchange mechanisms, and rigorous offshore investigations. From 2009 through 2022, these measures have effectively boosted tax revenue, interest, and penalties, underscoring a substantial progress in tax transparency across the continent. The report—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 support from the African Development Bank—presents the progress of 38 African countries in tackling tax evasion and other illicit financial flows (IFFs) through transparency and exchange of information. Five non-member countries participated in the study.Read more

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