Liberia Revenue Authority (LRA) Commissioner General, Elfrieda Stewart Tamba says the illicit flow of money from Africa is overwhelming. Mrs. Tamba quoted the Mbeki Report on illicit flows of money out of Africa and said Africa loses about US$50 billion yearly and warned that it must stop. The Mbeki Report which Commissioner General Tamba is referencing, is a document prepared by a high level panel established in 2012, following a meeting organized by the joint African Union Commission and the United Nations Economic Commission for Africa. She said it will also strengthen the capacity of LRA in the exchange of information for tax matters since tax evasion is one major source of illicit financial outflow. In this regard, the LRA Commissioner General said her institution needs to acquire the necessary information technology infrastructure, and ensures the passage in collaboration with the Ministry of Finance and Development Planning (MFDP) of the legislative framework that will facilitate the process in line with the new standard.

Source: Daily Observer January 18, 2017 00:50 UTC