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The world will lose $4.7T of revenue in the next decade to tax havens
The combined annual tax loss of $387 million represents 1.5% of Bangladesh's tax revenue, which is higher than the regional average
The TJN's report sheds light on the gravity of the problem – revealing multinational companies shifting $1.4 billion in profit out of Bangladesh each year through cross-border tax abuse and individuals hiding wealth offshore. In March 2023, in a pre-budget discussion meeting, National Board of Revenue (NBR) Chairman Abu Hena Md Rahmatul Muneem said that it will not be possible to continue tax support after 2026 to local industries and others that enjoy the benefits. By actively participating in initiatives, such as the Base Erosion and Profit Shifting (BEPS) project by the Organisation for Economic Co-operation and Development (OECD), Bangladesh can strengthen its position in promoting a fairer international tax system.
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