African tax authorities consider how to boost revenue
Tuesday, August 22, 2017
African nations will have more resources at their disposal to meet the Sustainable Development Goals if their national revenue authorities can boost tax collection. The United Nations Economic Commission for Africa estimates that the continent loses more than $50 billion through illicit financial outflows per year, much of this linked to tax avoidance and evasion.
With an eye toward how to stem losses, African ministries of finance and tax authorities met in Kampala last week, as the African Tax Administration Forum released recommendations on how governments can improve tax intake. The African Tax Outlook 2017 includes the input of 21 national tax authorities and outlines steps for policymakers to rake in public funds that could be used to fuel development.
The report argues that if tax revenue grows faster than the economy, African nations will have greater funds at their disposal for public investments in areas such as education and health care.
Photo courtesy of Stuart Price.