Bangladesh loses $361 million tax a year for corporate tax abuse Asia News Network (ANN) is the leading regional alliance of news titles striving to bring the region closer, through an active sharing of editorial content on happenings in the region.
Bangladesh is losing $361 million worth of tax annually owing to the shifting of profits by multinational companies, especially into tax havens abroad, according to a report by the Tax Justice Network (TJN).
The government’s overall non-tax revenue collection grew marginally in the first nine months of fiscal year 2022-23, with dividends and profits earned by state-owned enterprises slumping to one-third of that in the preceding year.
Five developed nations have continued to account for more than half of Bangladesh’s export earnings, highlighting the country’s narrow market base and the vulnerability it faces.