Seminar on Beneficial Ownership, Kampala, Uganda, 12-13 December 2016
More the 80 delegates from 21 countries and two international organisations participated in the first Global Forum seminar on Beneficial Ownership in Kampala Uganda on 12-13 December. The seminar was hosted by the Ugandan Revenue Authority (URA) with support from the UK’s Department for International Development and the World Bank Group.
Ensuring the availability beneficial ownership information is at the forefront of the international agenda on tax transparency and is an vital part of the international standards of transparency and exchange of information for tax purposes (both automatic and on request). The absence of information about who ultimately owns and controls companies and other legal entities leads to tax evasion and money laundering, as well as enabling flows of illicit funds from developing countries. Domestic resource mobilisation in Africa has been massively undermined by international tax evasion and illicit flows. The seminar is part of a broader effort to ensure that African countries have the tools needed to ensure that tax evaders in Africa can no longer hide behind shell companies or layers of intermediaries.
With the help of experts from the African Tax Administration Forum, Global Forum, HM Treasury and the Government of Jersey delegates discussed the policy, legal, regulatory and institutional requirements of ensuring the availability of beneficial ownership information in Africa. The Global Forum and other participating international organisations also affirmed their commitment to continued support for African countries' efforts to improve transparency and counter international tax evasion.
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