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Tunisia loses over 1.2 billion U.S. dollars annually due to illicit financial activities such as tax evasion, organized crimes, terrorism, and so on, stated Tunisian Foreign Minister Nabil Ammar.
Tunisia loses over 1.2 billion U.S. dollars annually due to illicit financial activities such as tax evasion, organized crimes, terrorism, and so on, stated Tunisian Foreign Minister Nabil Ammar. He made this statement at the Pan-African Conference on Illicit Financial Flows in Tunis, which opened in the Tunisian capital on Wednesday under the theme of ‘Africa’s Tax Agenda in Combating Illicit Financial Flows’.
Ammar highlighted the need for a strategy to address the issue, calling it a “scourge” depriving African nations of vital resources. The two-day event brought together government officials and international experts to discuss the causes and impacts of illicit financial flows and explore ways for enhanced international cooperation to combat them.
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https://trendsnafrica.com/africa-loses-usd-88-6-bn-annually-due-to-illicit-financial-flows/
Currently, Africa loses around USD 89 billion annually to illicit financial flows (IFFs), equating to 3.7% of its gross domestic product (GDP), while tax incentives contribute to a further USD 220 billion loss. The loss through IFFs increased from what was reported through the findings of the High-Level Panel on Illicit Financial Flows in 2015, which shows Africa was losing more than USD 50 billion annually in IFFs. Addressing these issues requires concerted efforts to promote fiscal transparency, enhance efficiency, and ensure accountability in tax administration.
