A sum of $530 billion is estimated to have been siphoned from Africa by multinationals engaging in illicit flow of funds and tax evasion.
This was disclosed by the chairperson of the West African Tax Administration Forum (WATAF) and Commissioner General of Liberia Revenue Authority, Mrs Elfriedi Steward Thamba, while declaring open the Annual International Tax Conference in Abuja yesterday.
“According to Global Financial Integrity, a total of $530 billion is estimated to have been siphoned from our region from us the rightful owners by multinationals bent on engaging in illicit flow of funds including tax evasion and other illegal activities during the period of 2003-2012. This loss rate is tragically alarming.” Thamba said.
She, however, said law reforms and building of capacity are two cardinal measures to mitigate the problems of illicit flows of funds.
The chairman of the Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler, said in the last one year, FIRS discovered multinational companies that engaged in tax avoidance but have been made to pay their outstanding taxes.
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