In an interview with Business Watch, Laurent Sarr, GVG’s CTO, identified the large informal economy, the tax administration’s lack of capacity, widespread tax evasion, cross-border tax complexities and illicit financial flows as barriers to effective revenue mobilization in Africa. According to him, unlocking Africa’s revenue potential required a technological intervention. Indeed, RegTech can improve tax efficiency on the continent, by streamlining processes and reducing the risk of errors, he said. Other important remedial measures, he said, include the formalizing of informal businesses, regulatory harmonization and enhanced collaboration between the public and private sectors. Combined, these proposed strategies form a comprehensive approach to improving revenue mobilization and thus to unlocking Africa’s revenue potential.
Read the interview report on Business Watch to find out more.
