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Amid increasing fiscal pressures and debt sustainability in African countries, governments are now making use of exchange of information agreements available to them more than ever.
Amid increasing fiscal pressures and debt sustainability in African countries, governments are now making use of exchange of information agreements available to them more than ever. In 2023, the amount of tax revenue raised by countries on the continent from the exchange of information (EOI) requests increased steeply from USD 71.5 million in 2022 to hit USD 2.3 billion, the highest level in over 10 years, according to the Tax Transparency in Africa Report 2024 published by the Africa Initiative last week.
This was a result of increased use of EOI and automatic exchange of information (AEOI) between countries to net tax cheats stashing money and other assets in offshore accounts to evade taxes in their home countries. In 2023, the number of exchange of information requests sent to other jurisdictions around the globe by African countries increased by 67 per cent to 888, up from only 531 in 2022.
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https://trendsnafrica.com/nigeria-tops-the-list-for-tax-evasion-in-africa/
Exchange of information requests are appeals by a country’s tax authority to another country for disclosure of data on the financial accounts, assets held or income earned by their citizens in foreign countries.
