Seven African countries collected $2.4 billion of additional revenue through tax transparency, exchange of information and related measures in 2023 than over the 13 preceding years combined, a new progress report for the so-called Africa Initiative has found. Launched at a recent 15th Meeting of the Africa Initiative in Lomé, Togo, the Tax Transparency in Africa 2024: Africa Initiative Progress Report makes a strong case for an ever-sharpening political attention on the matters of transparency and international tax co-operation. International cooperation based on transparency and effective exchange of information standards for tax purposes has become a crucial tool in addressing global challenges of tax avoidance and evasion. According to the Tax Transparency in Africa 2023: Africa Initiative Progress Report, the countries on the continent lose up to $60 billion annually in illicit financial flows. The report also highlighted that African countries identified over $340 million through exchange of information on request between 2019 and 2022.

Source: The North Africa Journal June 10, 2024 08:46 UTC