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Browsing: The Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum)
- 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
The Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum), the World Bank Group and the African Development Bank (www.AfDB.org) have jointly published a new version of the Manual on Exchange of Information (https://bit.ly/3CovIgS), in order to support tax authorities.
Exchange of information (EOI) is an essential tool for tax authorities worldwide to ensure that all taxpayers pay the correct amount of tax.
The previous edition of the manual, issued in 2013 by the Global Forum and the World Bank Group, was dedicated to exchange of information on request and spontaneous exchange of information. This new edition covers a broader range of exchange-of-information tools, such as tax examinations allowing two or more jurisdictions to conduct simultaneous audits of person(s) of common or complementary interest, or tax examinations abroad to collect information in a foreign jurisdiction.
The manual can easily be tailored to …