Business

Support anti-tax evasion crusade

KABANDA CHULU, Lusaka
AFRICA should collectively fight tax evasion because the vice is stifling economic development on the continent.
ActionAid Zambia country manager Nalucha Nganga said recently that Africa Development Bank (AfDB) member countries should support the financial institution’s proposed measures to stop tax evasion that is robbing Africa of billions of United States dollars.
On the sidelines of the AfDB annual meetings recently, a discussion forum on illicit financial flows was held and strategies to combat the vice were proposed.
The forum also discussed the illicit finance action plan that aims at highlighting national action plans to stop the crimes, review priorities for addressing illicit finance stemming from corruption and other criminal activities, and share experiences with countries interested in joining the partnership.
The countries that form part of the partnership on illicit finance include Burkina Faso, Kenya, Liberia, Mauritius, Niger, Senegal, Sierra Leone and the United States.
Commenting on the matter, Ms Nganga said the commitment shown by the AfDB, under the bank president Akinwumi Adesina’s leadership, is positive.
“Action Aid is confident that Dr Adesina will give this issue the urgent attention is needs. We have been engaging the AfDB to step up its work on tackling tax dodging that is robbing the continent of billions, and effectively stifling development for African people,” Ms Nganga said.
She said African member states should, therefore, follow the AfDB’s lead, stepping up their efforts at national levels where many of the issues arise.
During the forum, Dr Adesina said international tax cooperation is cardinal in curbing illicit financial flows that have undermined Africa’s growth.

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