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'Africa Must Strike Balance to Nurture Investment'

Thursday, 19 September 2013   (0 Comments)
Posted by: Author: E&Y (Moneywebtax)
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Source: Moneywebtax

Africa's growing attractiveness as an investment destination is at risk if it fails to strike the right balance between international tax trends and the needs of its varied national economies.

"Africa is a developing continent experiencing unprecedented growth. But realising its potential will, to a large extent, depend on its success in balancing the needs of its developing economies with global realities," says Keith Engel, Africa Tax Policy Leader at EY, commenting on some of the key issues raised at EY's 2013 Africa Tax Conference.

Engel suggests that African governments are largely focused on ways to broaden their tax bases and raise the revenue needed to build infrastructure and fight poverty. The reality is that they currently rely too heavily on customs duties, mineral and petroleum royalties, and donor funding.

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