African countries have realised additional revenues totalling €1.69-billion owing to voluntary disclosures, the implementation of information exchange mechanisms, and rigorous offshore investigations, the '2023 Tax Transparency in Africa' progress report, published by the Africa Initiative, shows. From 2009 to 2022, these measures have effectively boosted tax revenue, interest and penalties, underscoring a substantial progress in tax transparency across the continent, development finance institution the African Development Bank (AfDB) reports.
