Rwanda became a member of the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) in December 2017, committing to uphold the standards of EOIR and Automatic Exchange of Information on financial accounts (AEOI).
The upcoming Mock assessment holds significant importance for Rwanda, as it offers an opportunity to evaluate the progress made towards enhancing the country’s tax transparency standards. This becomes especially pertinent following the recent amendments to several laws, aimed at aligning with the Global Forum’s international transparency requirements.
Tax compliance plays a critical role in the efforts of the Kigali International Financial Centre to establish itself as a fully compliant jurisdiction that attracts international investment and cross-border transactions in Africa. Collaborating closely with key stakeholders, the Kigali International Financial Centre is actively working towards establishing a legal and regulatory framework for Rwanda to meet the Global Forum’s international transparency requirements.
Dr. Uzziel Ndagijimana, Minister of Finance and Economic Planning, expressed the significance of this mock assessment, presenting Rwanda with an opportunity to demonstrate the progress achieved in enhancing tax transparency standards following the recent legal reforms undertaken by the country were intended to broaden the tax base, improve tax compliance, and foster transparency in line with the Global Forum’s requirements.
Bizimana Ruganintwali Pascal, Commissioner General of Rwanda Revenue Authority, reminisced on the role of tax transparency and exchange of information in curbing illicit financial flows in African countries.
He underscored that Rwanda is taking decisive actions to safeguard its tax base, including ensuring accessibility to tax information on cross-border transactions, strengthening domestic tax-raising capacities, and reducing tax evasion and avoidance through base erosion and profit shifting schemes. These measures aim to boost Rwanda’s domestic resource mobilization efforts.
About Kigali International Financial Centre (KIFC)
The Kigali International Financial Centre serves as a financial hub that facilitates international investment and cross-border transactions in Africa. By providing an attractive destination for investors with a legal and regulatory framework fully compliant with international best practices, KIFC positions Rwanda as a preferred financial jurisdiction for investments in Africa.
About Global Forum on Transparency and Exchange of Information for Tax Purposes
The Global Forum on Transparency and Exchange of Information for Tax Purposes comprises 168 member countries and is the leading international body working towards implementing global transparency and exchange of information standards worldwide. Since the G20’s declaration of the end of banking secrecy in 2009, the international community has achieved considerable success in combatting offshore tax evasion. Through the Global Forum, countries have implemented robust standards, resulting in an unprecedented level of transparency in tax matters.