Tanzanias central banker responds to GFI misinvoicing report

The governor of the Bank of Tanzania has responded to Global Financial Integrity’s (GFI’s) comprehensive report on the extent of misinvoicing in developing countries, (Newsflow, 16 December 2014).

Governor Benno Ndulu says he will study GFI’s findings carefully and look to capture more revenue for the Tanzanian economy.

Ndulu told local media that GFI had visited BoT as part of their research in August 2014 and talked about potential revenue losses.

BoT was already working on reports that mining and oil firms operating in the country are swindling billions of Tanzanian shillings through trade misinvoicing.

Ndulu says he needs time to go through study and work on it and that he fully intends to plug any loopholes that deprive Tanzania of tax revenue.

According to the GFI report, Tanzania lost around US$462 million between 2003 and 2012 through misinvoicing.

The GFI report, ‘Illicit Financial Flows from the Developing World: 2003-2012’ can be found here: http://www.gfintegrity.org/wp-content/uploads/2014/12/Illicit-Financial-Flows-from-Developing-Countries-2003-2012.pdf

Categories: Trade Based Financial crimes News

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