Updated: Mar 26, 2021
African countries have been strengthening commitments and capacity to achieve tax transparency and the exchange of information on illicit fund flows in 2019, according to the Tax Transparency in Africa Report launched on 25 June. The annual publication of the report is part of various efforts of the continent to advance global tax transparency and the exchange of information in Africa to combat corruption, tax evasion, money laundering, fraud, base erosion, profit shifting and illicit enrichment. Victor Harrison, commissioner for economic affairs at the African Union Commission, says illicit financial flows in Africa are estimated at between $50 billion and $80 billion annually. He says the Tax Transparency in Africa 2020 Report provides comparable tax transparency statistics to aid decision-makers to address illicit fund flows and notes the need for African countries to engage further in revenue mobilization, a concern sharpened by the backdrop of the COVID-19 pandemic.
“The Tax Transparency in Africa Report published during a virtual launch is produced by the Global Forum for Transparency and Exchange of Information for Tax Purposes, the African Union, African Tax Administration Forum, in partnership with the African Development Bank. The 2020 report covers 32 Global Forum member countries and three non-members of Angola, Guinea Bissau and Malawi,” says Harrison.