Lost Wealth in Senegal's Mining Sector

NRGI senior economic analyst William Davis appeared on West Africa Democracy Radio (WADR) to discuss and explore key findings from the NRGI report Tax Avoidance, Tax Evasion and Trade Misinvoicing: Risks to Senegal’s Mining Sector. Among his remarks, he said:

Tax avoidance is legal strategies that companies use to reduce their tax bill. Tax evasion is when taxpayers hide incomes from tax authorities or lie about their taxable income, which is illegal. Trade misinvoicing can be a type of tax avoidance or tax evasion or motivated by other illicit motives such as money laundering or hiding illicit wealth overseas. Trade misinvoicing is distorting what is declared to customs about the value of goods or services that are being traded internationally.

Published under USAID/TRACES program, this report highlights critical risks in Senegal’s extractive sector, emphasizing the need for transparency and accountability to safeguard national revenues. Tune in to learn more about the report’s impact and recommendations for Senegal’s economic resilience.