East Africa is losing $926m annually in illicit outflows of capital. Photo/FILE
Uganda, Kenya and Tanzania have been losing $926 million annually in the past 10 years in domestic tax and tariff revenue as a result of illicit outflows of capital through trade misinvoicing.
According to the latest Global Financial Integrity report, the misinvoicing of trade is hampering economic growth, undermining domestic resource mobilisation and resulting in tax revenue loss of 12.7 per cent of Uganda’s total government revenue, 8.3 per cent of Kenya’s and 7.4 per cent of Tanzania’s.
