(PHOTO CREDITS: Courtesy FINANCIAL FORTUNE)
By Steve Umidha
A list of the owners of “shell” companies where firms keep money offshore to avoid tax should be published to discourage tax evasion, Tax Justice Network (TJN-A) urged on Wednesday.
Tax Justice Network’s Anglophone African Hub Researcher, Rachel Etter-Phoya in her presentation at the ongoing virtual forum for tax justice advocates in Africa, the tax expert said that the “cloak of secrecy” surrounding company ownership enables questionable practice and increases the risk of illicit financial flows.
To achieve that, Ms. Etter-Phoya recommends the disclosure of the real owners of companies and other legal vehicles. Progress is being made, but no country in the world has achieved an ideal level of transparency. This is something all countries, including Kenya, must strive for.
Over the years, Kenya – the largest economy in East Africa has been faulted as the region’s complicit country in helping individuals hide money from the rule of law, a tag that has shielded potential investors from investing in the country.
