Equatorial Guinea Implements A Unique Tax Identification System to Ensure Transparency and And Combat Fraud
Equatorial Guinea has embarked on a groundbreaking initiative to implement a unique tax identification system for individuals, legal entities, and foreigners in the country.
Running from August 28 to September 1, this significant project is being conducted under the moderation of the National Agency for Financial Investigation (ANIF). It is taking place in the plenary room of Equatorial Guinea’s Ministry of Finance and Budgets.
Enhancing Tax Compliance and Economic Monitoring
A key objective of this initiative is to streamline tax operations for the Ministry of Finance and Budgets while offering control authorities an unequivocal means to identify subjects. By establishing this distinct identification code, Equatorial Guinea aims to facilitate the tracking of all economic activities conducted within the nation, ultimately contributing to increased state revenue.
Paving the Way for Efforts Against Tax Fraud and Money Laundering
Notably, the Republic of Equatorial Guinea is in the process of joining the Egmont Group—a move that necessitates more effective monitoring of economic activities to combat tax fraud and money laundering. The introduction of this identification code aligns with the prerequisites set by the Egmont Group, positioning Equatorial Guinea to more efficiently oversee financial activities.
Collaborative Approach for Comprehensive Implementation
This project finds its roots in the collaboration of the Ministries of Finance and Budgets, Security, and Justice. The impetus for this innovative system originated from the decisions made during the National Coordination Committee meeting held on May 20 in the city of Sipopo.
Comprehensive Work Sessions to Define Implementation Details
Over the course of five days, participants from various sectors and organizations, including the General Directorate of Taxes, Business Single Window, CNEDOGE, INEGE, ORTEL, BEAC (Bank of Central African States), and APEC (Association of Small and Medium Enterprises of Equatorial Guinea), will engage in meetings and work sessions. This collective effort aims to define the intricacies and procedures of the identification code, ensuring inclusivity and representation.
Upholding Transparency and Financial Management Efficiency
The Equatorial Guinean Government reiterates its commitment to bolstering transparency and efficiency in financial management. The introduction of the identification code marks a significant stride toward achieving this objective. Note that the process is anticipated to have a positive impact on the country’s economic and social development. It also underscores Equatorial Guinea’s dedication to fostering responsible financial practices.
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