Report Projects $520bn Annual Tax Revenue for Africa via thisdaylive
African economy currently has enormous domestic resource potential to generate $520 billion in tax revenue annually, in spite of the continent’s huge shortfall in development finance.
He stated this yesterday during a web conference on “Mobilising Domestic Resources for Sustainable Development in Africa, Post COVID-19” organised by the African Institute for Economic Development and Planning . He said private domestic savings remained low with a large number of unbanked population.Adeyemi said the ratification and implementation of the African Continental Free Trade Area agreement would also boost intra-African trade, which would reduce import bills from outside the continent.
He said while corruption, regional integration, governance and insurgency remained political limitations to revenue mobilisation, the situation was aggravated by economic constraints, including interest rate spread on savings, tariff reduction resulting from policies of trade liberalisation, illicit financial outflows, capital flight as well as competitiveness and exchange rate constraints, and high rate of tax concessions and exemptions.
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