Asharq Al-awsat English Middle-east and International News and Opinion from Asharq Al-awsat Newspaper

Egypt: Yaoundé Declaration to Create African Platform for Tax Cooperation

Egypt: Yaoundé Declaration to Create African Platform for Tax Cooperation

Sunday, 1 December, 2019 - 11:30
Part of the meeting to sign the Yaoundé Declaration, Asharq Al-Awsat

Egypt's Finance Minister Mohamed Maait confirmed that signing the Yaoundé Declaration on financial transparency is consistent with measures and structural reforms undertaken by his country to modernize the tax system and the localization of international expertise, according to an ambitious program aimed at standardizing, simplifying and automating procedures.

Maait also said that Egypt seeks to maximize its role in Africa by laying the foundations of continental cooperation in various fields, building African capacities in a way that meets the developmental desires of the continent’s peoples.

He added that his country supports all initiatives and projects that create platforms for the exchange of international and continental experiences, and therefore was eager to join the declaration.

Egypt, according to Maait, hopes the declaration will be an effective platform to enrich constructive dialogue on enhancing financial transparency, which contributes to the exchange of African experiences, and the localization of outstanding global experiences.

Deputy Finance Minister Ahmed Kouchouk, for his part, said that Egypt joining the “Yaounde Declaration” supports the Finance Ministry’s role in building human capacity, keeping up with the best global practices through the exchange of the technical consultancy tax, and through its experience with international organizations such as the Organization for Economic Cooperation and Development.

He added that the declaration also ensures the best use of opportunities for African and international cooperation in maximizing the domestic revenues of member states, in order to achieve sustainable development in accordance with the “Africa 2063” agenda.

According to the ministry, the declaration serves as an international cooperation document that encourages the signed African states to increase information sharing and promote transparency in tax dealings, as well as countering illicit cash flows.

The declaration’s principles include enhancing financial transparency and combating evasion, double taxation, and illicit financial flows in African member states, a statement issued by the Finance Ministry said.

Editor Picks