Govt says tax evasion cause for economic bleeding
Written by Millennium Radio on April 25, 2019
Government has expressed concern that the continued loss of financial resources through illicit financial flows, tax evasion and avoidance as well as corruption, which often cause economic bleeding are threatening the capacity of developing nations to attain Sustainable Development Goals (SDGs) targets.
Ministry of Development and National Planning Assistant Director Francis Mpampi has however informed that Government of Zambia is implementing progressive legal and structural reforms aimed at halting illicit financial flows and support fiscal consolidation and growth to attain the SDGs targets.
Mr. Mpampi says the enactment of the Public Finance Management Act and the Credit Reporting Act in Zambia are aimed at enhancing accountability, transparency as well as prudent use of public resources.
He says the ambition of reaching the Sustainable Development Goals is also being hampered by the decreasing levels of concessional Official Development Assistance to developing countries.
Speaking at the 2019 Economic and Social Council (ECOSOC) Forum on Financial for Development (FFD) Follow-Up at the UN Headquarters in New York, Mr Mpampi says that financing and funding gaps which still exist should be addressed if countries are to stay in line with their development trajectory.
Mr Mpampi says nations, particularly developing countries have not made significant progress to finance development programmes and would not be able to realize the aspiration of reaching the SDGs by 2030.