Lifting the Veil of Secrecy - Chr. Michelsen Institute

telecommunications, banking and finance (Fjeldstad 2014). Capacity ...... Papers leaks exposed millions of leaked documents from the Bermuda-based law firm.
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Odd-Helge Fjeldstad • Sigrid Klæboe Jacobsen Peter Henriksen Ringstad • Honest Prosper Ngowi (Eds)

Lifting the Veil of Secrecy Perspectives on International Taxation and Capital Flight from Africa

Lifting the Veil of Secrecy Perspectives on International Taxation and Capital Flight from Africa

Lifting the veil of secrecy

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Contents Acknowledgements About the book Tax Havens, capital flows and Africa – an introduction

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1 Tax and tax justice 13 Articles: 25 Lifting the Veil of Secrecy Perspectives on International Taxation and Capital Flight from Africa

Copyright © Chr. Michelsen Institute 2017 P. O. Box 6033 N-5892 Bergen Norway [email protected] Layout and design: Kristin Skeie Antoine



• Janvier D. Nkurunziza: Capital flight and poverty reduction in Africa • Alex Cobham: The Financial Secrecy Index: Country level vulnerability to illicit financial flows • Guttorm Schjelderup and Armando José Garcia Pires: The Panama Papers – what did we learn? • Nimmo Elmi & Stig Jarle Hansen: The tax dilemma: How to create legitimate tax systems in Somalia

26 29 33 36

2 The scope and consequences of capital flows from developing countries 41 Articles: 53

• Annette Alstadsæter, Niels Johannesen & Gabriel Zucman: What do tax havens cost in terms of lost tax renevue? • Raymond Baker: Illicit financial flows from Africa: Their loss; not our gain • Maya Forstater: Are the big numbers on illicit financial flows misleading, and does it matter? • Alex Erskine & Ameth Saloum Ndiaye: Improving methods and data for estimating illicit financial flows (IFFs)

3 The tax avoidance industry and law enforcement Articles:

69 81

• Brooke Harrington: Above the law? Offshore and the politics of libertarian anarchy • Attiya Waris: International financial centres in developing countries • Prem Sikka: Beware: Accountancy firms at work • Kari K. Heggstad & Odd-Helge Fjeldstad: With a little help from the banks • Odd-Helge Fjeldstad: Capital flight, tax policy and lobbyists in Africa

82 85 87 90 93

4 Natural resources and capital flight from Africa Articles:

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• Rabah Arezki, Gregoire Rota-Graziosi & Lemma W. Senbet: Natural resources and tax avoidance • Olav Lundstøl: Mines and tax in Africa: Fair benefit sharing or exploitation in the wake of liberalisations? • Andre Standing: Confidentiality and financial secrecy in the fisheries sector • Andre Standing: Case study: The EMATUM scandal • Léonce Ndikumana: Capital flight from Africa: Trade misinvoicing as the remaining hiding place • Odd-Helge Fjeldstad, Caleb Fundanga & Lise Rakner: The rise and fall of the mining royalty regime in Zambia

5 International initiatives and their relevance for Africa Articles:

54 57 60 64

104 108 112 115 116 120

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• Sol Picciotto: Corporate tax avoidance, evasion and the offshore system • Sara Jespersen: Development finance institutions and tax havens – still too cosy a couple • Lovisa Möller: Tax treaties and illicit capital outflows from Africa • Annet Oguttu: The financial secrecy of tax havens

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Glossary 155 Organisations and institutions working on tax justice issues in Africa 158 References 160 Editors 167

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Lifting the veil of secrecy

Lifting the veil of secrecy

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ac k n o w l e d g e m e n t s

about the book

Authors The book, excluding the articles, has been written by Odd-Helge Fjeldstad (CMI and ATI),

About the book

Sigrid Klæboe Jacobsen (TJNN) and Peter Henriksen Ringstad (TJNN).

Editors Odd-Helge Fjeldstad, Sigrid Klæboe Jacobsen, Peter Henriksen Ringstad, Honest Prosper Ngowi (Mzumbe University), Åse Johanne Roti Dahl (