Financial expert calls for new measures on tax havens

CAPETOWN: American financial investigator, George Turner has implored African countries to change their tax principle and adopt the unitary taxation approach in order to stop companies from shifting profits to tax havens.

Speaking to Mmegi Business on Monday during a three-day Africa Media Training Workshop on Tax and Illicit Financial Flows here, he said any country could be a tax haven for another.

A tax haven is a country that offers foreign individuals and businesses little or no tax liability in a politically and economically stable environment.

Editor's Comment
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While the political shift brings hope for change, it also places immense pressure on the new administration to deliver on its election promises in the face of serious economic challenges.On another level, newly appointed Finance Minister Ndaba Gaolathe’s grim assessment of the country’s finances adds urgency to the moment. The budget deficit, expected to be P8.7 billion, is now anticipated to be even higher due to underperforming diamond...

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