UNDP hosts meeting on fiscal transparency rules for Africa

Aliyu Othman

A 2-day international conference on public tax and fiscal transparency rules will open in Abuja on Thursday.

The consultative meeting organized by the United Nations Development Programme UNDP will attract tax experts, representatives of the African Union (AU), international Audit Institutions, Africa Regional Economic Communities, Sub-regional monetary organizations, and some national governments scheduled for Thursday and Friday.

The high level technical consultation on public tax and fiscal transparency rules targets mostly multinationals and private individuals in Africa.

The consultative meeting would offer “strategic lessons from the Panama papers and examines the state of play of the current continental public tax transparency and fiscal disclosure rules for multinationals and private individuals”

The UNDP says in a statement released in Abuja that it will also “examine the challenges and opportunities of such a continental system and make recommendations on how Africa can develop its own framework”

“Following the consultation, a policy brief with clear recommendations and roadmap for a new continental framework for public tax transparency and fiscal disclosure rules for multinationals and private individuals will be submitted to the AU member states for consideration and adoption as an addendum to the current AU’s Convention on Combating and Preventing Corruption,” it said.

The high-level meeting hosted by the United Nations Development Programme (UNDP) Regional Service Centre in partnership with International Institute for Democracy and Electoral Assistance (IDEA) would be declared open by Nigeria’s Acting President, Professor Yemi Osibanjo.

“For Africa to be able to finance its own development and meet its obligations under the Sustainable Development Goals (SDGs) and AU Agenda 2063, a new framework to address these systemic vulnerabilities in our regional and national oversight of financial systems has become imperative,” said UNDP.

The meeting will also be attended by Mr. Marcel Alain de Souza, President, Economic Community of West African States Commission, Dr. Rene Kwasi, Director for Economic Affairs of the African Union Commission among others.