Monday, March 27

GRA, FIU endorse MOU to combat Zero Tax Fraud and Tax Evasion –

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Realizing that tax fraud and other forms of tax evasion are detrimental to the economic fiscal and social interest of The Gambia, The Gambia Revenue Authority (GRA) under the dynamic leadership of the Commissioner General and The Financial Intelligence Unit of the Gambia FIU recently signed MOU to strengthen the capacity of the two parties through the sharing of relevant information, experiences, and initiatives and the development of a structured framework 

for cooperation to maximize domestic revenue mobilization and ensure precise payment of taxes. 

In recognizing the need for a memorandum of understanding to promote the goals, objectives, and respective mandates of the parties and the need to protect the economic interest of the Gambia by sharing information relating to the taxpayer and the persons benefiting from the proceeds of crimes.

However, the financial intelligence unit (FIU) is a statutory body established under section 3 of the Anti-money laundering and combating of terrorist financing Act, 2021 with a mandate among others to assist in the identification of proceeds of criminal conduct and the combat of money laundering, terrorist financing, and proliferation financing, to receive, analyze and disseminate suspicious financial information to investigating authority, the intelligence agencies and the revenue agencies and for connected matters therein.

While, The Gambia Revenue Authority (GRA) is a statutory body established by and under a section of The Gambia Revenue Authority Act, 2004, in order, inter alia, to act as an agent of The Government of the Gambia to assess, levy, charge and collect taxes and duties and other revenue on behalf of the state. According to the (MOU) whereas financial intelligence Unit of the Gambia and the Gambia Revenue Authority hereinafter jointly referred to as the “Parties” and in the singular as a “party”.

The signed MoU among other things included assisting each other through the exchange of information that is foreseeable relevant to the execution of the party’s mandates.

Such information foreseeable relevant to the determination, assessment, and collection of taxes, the recovery, and enforcement of tax claims, or the investigation or prosecution of tax matters, information on cross-border currency, and bearer negotiable instruments declaration reports obtained for both inbound and outbound. 

Also, foreseeable relevant to the analysis of tax and related crimes for investigation and prosecution, the conduct of typologies on emerging trends and methods of tax evasion and related financial crimes, information relevant to Gambia follow-up reports to be filed to inter-governmental Action Group Against Money Laundering in West Africa GIABA and any other information relevant to combat the menaces of Money laundering, Terrorist financing, and proliferation financing and related criminals conduct or activities.

Both the Director General of FIU and GRA expressed appreciation for the need to complement each effort to boost revenue Performance for national development.