African countries are making substantial progress in the fight against tax fraud and illicit financial flows (Report)

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Tuesday, 30 June 2020 17:14
African countries are making substantial progress in the fight against tax fraud and illicit financial flows (Report)

(Togo First) - African countries are making a lot of progress regarding the fight against tax fraud and money laundering. This is revealed in findings from the latest Tax Transparency in Africa report released by the Africa Initiative. The document features 32 African member States of the Global Forum on Transparency and Exchange of Information for Tax Purposes and three non-members. 

The document shows significant progress has been made relative to raising political awareness and commitment in Africa and developing capacities in African countries in tax transparency and exchange of information. 

How did Togo benefit from the Africa Initiative and the Global Forum?

In Togo, which joined the Africa Initiative and the Global Forum some years ago, its membership has enabled it to improve tax transparency and fight illicit financial flows. According to the report, the country “identified unreported transactions carried out by taxpayers in Togo. This led to the identification of USD 1.3 million of additional taxes.”

Now, Togo plans to implement in the medium term a framework for Automatic Exchange of Financial Account Information, according to the Togolese Tax Office (Office Togolais de Recettes - OTR). To achieve this, “the assistance of the Global Forum will be essential,” authors of the report emphasized. 

Click here to download the full report 

Ayi Renaud Dossavi

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