Synergy Gap Barrier to Africa Tax Revenue Growth, Says ACFE

Omolabake Fasogbon

The Association of Certified Fraud Examiners (ACFE) Lagos chapter has cited lack of cooperation amongst African nations as being responsible for the continent’s underperformance in areas of tax growth and target. 

The association noted further that African countries, especially those who complied with international tax standards like transfer pricing regulations, have not reaped commensurately for their efforts.

 President of ACFE, Dr. Titilayo Fowokan emphasized strengthened synergy among Africans, asserting that only such would catalyse reforms and engenders expected output from measures aimed at unlocking tax wealth in Africa. 

Fowokan while reacting to the outcome of African Caucus Meeting in Abuja, recently,  lauded  reforms to tackle global economic shocks by Nigeria’s President, Bola Tinubu, however  restated  need to  localise  policies tailored to regional reality. 

The tax professional, in particular, expressed confidence in fostering global co-operation to unlock Africa’s fiscal potential. 

She said,  “This, would enhance countries’ ability to get their fair share of tax from the multinationals, more so, countries that have signed on to transfer pricing regulations can effectively curb Base Erosion and Profit Shifting (BEPS) and block revenue leakages. It is imperative for each African country to be each other’s keeper by creating a business environment that encourages flow of investment within the region through  African Continental Free Trade Area(AfCFTA) implementation”.