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“Offshore” refers to a jurisdiction that is not located on the continent <strong>of</strong> Africa<br />
(e.g., Jersey / Guernsey, Cayman Islands, Luxembourg, etc.). Note that for the<br />
purposes <strong>of</strong> this survey, Mauritius is considered an “<strong>of</strong>fshore” domicile, even<br />
though it is an African country.<br />
“Onshore” refers to jurisdictions located on the continent <strong>of</strong> Africa, and<br />
excludes island nations (i.e., Mauritius).<br />
“Pass-through vehicle” refers to an entity through which income flows to<br />
investors, potentially avoiding double taxation on revenue, dividends, etc.<br />
“Private equity” (abbreviated to “PE”) encompasses leveraged buyouts,<br />
growth capital, venture capital, mezzanine and private credit investments.<br />
“Service providers” (abbreviated to “SPs”) refers to pr<strong>of</strong>essional services<br />
firms catering to private equity funds such as law firms, accounting firms, fund<br />
administrators, placement agents, etc.<br />
“Sub-Saharan Africa” (abbreviated to “SSA”) refers to all African countries<br />
that are not constituents <strong>of</strong> North Africa.<br />
“Transparency” in this report refers to the openness and consistency<br />
with which tax laws are applied, as well as clear and open exchange <strong>of</strong><br />
tax information.<br />
Note: In some exhibits, percentages may not sum to 100% due to rounding.
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