Browsing: Tax avoidance

Tax Transparency in Africa progress report

Breaking the silence: Africa’s secret dance with tax evasion

Countries
  • African countries realize $1.85 billion in revenue through voluntary disclosures, information exchange.
  • World Bank study suggests information-sharing mechanisms will boost African countries’ tax revenues.
  • The report highlights the African country’s $11.6 million tax collection using common reporting standard data.

A new report shows African countries can boost revenue by disrupting Africa’s secret dance with tax evasion. Through initiatives such as voluntary disclosures, and the establishment of information exchange mechanisms, economies in Africa can poison the continent’s passion with tax evasion. Coupled with measures such as robust offshore investigations, African countries have successfully generated additional revenues amounting to a substantial $1.85 billion.

Eliminating tax evasion to build wealth

These revelations are contained in the 2023 Tax Transparency in Africa progress report presented during the 13th meeting of the Africa Initiative in Cape Town.

African countries are adopting these initiatives to combat tax evasion, advance transparency, and improve their capacity to

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