‘$530bn siphoned from Africa by multinationals’ LRA Boss Says At Intl Tax Confab In Abuja

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 Elfrieda Steward Tamba, 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.” Tamba 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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About Cholo Brooks 13180 Articles
Joel Cholo Brooks is a Liberian journalist who previously worked for several international news outlets including the BBC African Service. He is the CEO of the Global News Network which publishes two local weeklies, The Star and The GNN-Liberia Newspapers. He is a member of the Press Union Of Liberia (PUL) since 1986, and several other international organizations of journalists, and is currently contributing to the South Africa Broadcasting Corporation as Liberia Correspondent.