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14 Aug 2015

Tony Chukwunyem, New Telegraph (Nigeria)

Experts call on African leaders to tackle tax avoidance & use recovered funds to finance development

"Experts: Tax evasions by multinationals hurting Africa's devt", 13 Aug 2015

…Africa Executive Director of Tax Justice Network, Alvin Mosioma, has said…that illicit financial flows (IFF) was bleeding the continent dry, as most multinationals involved in oil, mining and gas industry rarely pay taxes commensurate to what they reap from the continent…”…Tax evasions by the big multinational companies severely limit the capacity of the developing countries to raise their domestic resources to implement development programmes.”…Mosioma said that once loopholes that currently exist in tax collection are addressed, the continent’s domestic revenue is likely to improve and that could help in boosting growth and development…Senior Academy Advisor at the Tax Justice Network- Africa, Dereje Alemayehu, called on African leaders to curtail IFFs and transform the funds recovered into a powerful tool for enhancing domestic resource mobilisation to spur the continents development. He said that tax is the most reliable and sustainable source of financing development in the poor African countries…According to…[a] report conducted in 2014, Africa loses massive financial resources amounting to $50 billion dollars annually through illicit activities of multinationals and rich individuals…The report says that the effects of the loss mean loss of jobs, income, education and equipped health facilities, areas that are effective in transforming the economy of the countries…