Ten years after exposing Africa’s illicit outflows, leaders are pushing for new laws, data tools and a united front in global tax negotiations to stem the losses.
Ten years after exposing Africa’s illicit outflows, leaders are pushing for new laws, data tools and a united front in global tax negotiations to stem the losses.
African leaders, economists and tax justice advocates have intensified calls for new laws to criminalise trade mispricing, warning that Africa cannot afford to continue losing billions each year through loopholes exploited by multinational corporations.
The demand came during the 13th Pan-African Conference on Illicit Financial Flows and Taxation, held in Johannesburg recently, where delegates also launched a continental Policy Tracker to measure countries’ progress in plugging financial leaks. At the same time, African negotiators reaffirmed their united push in ongoing United Nations talks to rewrite global tax rules by 2027. This process could reshape how wealth is taxed and retained on the continent.
“It’s time for nations to write laws that say, in the business of import and export of goods or services or intangibles, to price a transaction in such a way as to avoid income taxes intentionally or excise taxes or customs duties or any other form of government revenue is illegal,” said Raymond Baker, founder of Global Financial Integrity and a long-time campaigner against illicit financial flows.
This intervention…