- INTRODUCTION
With more than 1.3 billion1 consumers and a combined GDP of more than US$3.4 trillion along with the expectation to expand the size of Africa’s economy to US$29 trillion by 2050, the African Continental Free Trade Area (AfCFTA) will be the largest free trade area in the world, in terms of member countries, since the advent of the World Trade Organization (WTO) in 1995.
As West Africa countries and other Regional Economic Communities (RECs) have intensified moves to harness potential inherent in the AfCFTA to boost regional and global trade by the establishment of the common market with the introduction of liberalization scheme such as Common External Tariff (CET), it is imperative to progressively harmonize tax policies and laws on domestic taxes to facilitate the free movement of people, capital, labour, goods and services and promote investment within the Community.
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