The Government has increased efforts to control illicit financial flows (IFFs) out of the country through the signing of a crucial continental declaration.
The National Treasury Acting Cabinet Secretary Ukur Yatani has provided the much-needed shot in the arm for the Kenya Revenue Authority (KRA) efforts to tackle IFFs through the Yaoundé Declaration.
Kenya Revenue Authority Commissioner General Githii Mburu said the instrument concentrates on improving international tax cooperation through enhanced information sharing among the African Union member of states.
Ukur Yatani in a statement to the Chairperson of the Global Forum on Transparency and Exchange of Information for Tax Purposes Ms Maria-Jose Garde said Kenya has joined the Yaoundé Declaration and will support its commitments.
He added that Kenya is encouraged by the Yaoundé Declaration and its call for action to tackle illicit financial flows in Africa through improved international tax cooperation.
According to the Organization for Economic Co-operation and Development (OECD), the global landscape for fighting tax evasion and avoidance has changed considerably over the last few years.
International cooperation and exchange of information (EOI) have emerged as vital tools in tackling illicit financial flows (IFFs).
It estimated that Africa loses $50 to $60 billion each year through IFFs. This includes money from tax evasion and other criminal activities, which undermine Africa’s development and governance agenda. The report also identifies ways to tackle IFFs, including through EOI and improved international tax cooperation.
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