Did you know the many countries in Africa and Asia are bleeding profusely due to the illicit flow of finances to the pockets of a few people who regard themselves geniuses? This are the people who love avoiding the Taxman using clever means.

Looking at several reports released by the Tax for Justice Lobby group shows the loop holes that are denting many countries including yours truly Silicon Savannah- Kenya. In May 2012 former Minister of Finance Njeru Githae who is the current Ambassador to the United States of America and his Mauritanian counterpart then Xavier –Luc Duval signed a Double Taxation Avoidance Agreement and an Investment Promotion and Protection Agreement. Well this sounds too heavy an agreement right? They actually entered into an agreement between the two countries that have left many countries including India regretting their partnership. Just like a lover who is blinded by the new found love only to regret after so much bleeding and is left for  the dead.

For more of this, check out the links courtesy of Tax Justice Network Africa.

 

Kenya / Mauritius double taxation avoidance agreement and its potential impact on tax base erosion in Kenya

Illicit Financial Flows from Africa – Report of the High Level Panel on Illicit Financial Flows from Africa

Commissioned by the AU/ECA Conference of Ministers of Finance, Planning and Economic Development

Hiding in Plain Sight – GFI Report