Africa states turn to information exchange to boost tax revenues
EOI requests are appeals by a country’s tax authority to another for disclosure of data on the financial accounts, assets held or income earned by their citizens in foreign countries. PHOTO | SHUTTERSTOCK
Business and Technology Reporter in Nairobi, Kenya
Nation Media Group
Amid increasing fiscal pressures and debt sustainability in African countries, governments are now making use of exchange of information agreements available to them more than ever.
Last year, the amount of tax revenue raised by countries on the continent from exchange on information (EOI) requests increased steeply from $71.5 million in 2022 to hit $2.3 billion, the highest level in over 10 years, according to the Tax Transparency in Africa Report 2024 published by the Africa Initiative last week.
