The recent withdrawal of the United States from the international agreement on a minimum tax for multinationals, which imposes a 15% rate, raises major concerns for African economies.
This decision, made by President Donald Trump, could worsen the already significant tax losses suffered by the continent due to tax evasion. While the OECD had hoped that this agreement would promote a fairer distribution of tax revenues, the lack of American support risks reversing these gains.
In 2021, nearly 140 countries signed this agreement under the OECD, aiming to establish a minimum corporate tax. The goal was to combat unfair tax competition and ensure that large companies pay their fair share of taxes wherever they operate.
However, the US withdrawal calls into question the effectiveness of this initiative. Multinationals, which often generate substantial profits in low-tax countries, could continue to benefit from this system without constraints.
Africa is particularly vulnerable to this withdrawal. According to a report from the United Nations Conference on Trade and Development, the continent loses about $88.6 billion each year in illicit financial flows, a significant portion of which comes from tax evasion by multinationals.
The American decision could exacerbate this situation by further reducing tax revenues on which African governments depend to finance their social and development programs.
In this challenging context, some experts believe that this situation could pave the way for a more ambitious and inclusive reform of the international tax system. Nigeria has already proposed a framework convention to the United Nations to improve global tax cooperation.
This initiative could provide African countries with a platform to advocate for a fairer tax system tailored to their economic realities. However, implementing such a change will require strengthened international cooperation and strong political will to overcome historical obstacles related to fiscal sovereignty.