African countries lose an estimated $88.6 billion each year, equivalent to 3.7% of the continent’s economic output, in illicit capital flight, according to the UN Economic Development in Africa Report 2020 published on Monday (28 September).
The question of tax avoidance and financial information exchange remains a sore point for EU-African relations, and the European Commission’s annual lists of ‘non co-operative’ countries on tax and money laundering laws have done little to improve the situation.
One third of all cash in circulation in the eurozone is now in the form of €500 notes. Suspicions have been raised over Luxembourg, which prints double its GDP in banknotes each year. EURACTIV France reports.
The European Union should require companies operating in Africa to disclose the taxes they pay there more transparently, to ensure they contribute fairly to government revenues, French economist Thomas Piketty said on Thursday (10 September).