Bangladesh to crack down on transfer mispricing following UN report
Bangladesh’s National Board of Revenue intends to check irregular transfers of funds in a bid to reduce the estimated $35 billion revenue loss attributed to transfer pricing.
A UN body recently published a report: Illicit Financial Flows from the Least Developed Countries and found that, between 1990 and 2008, the 48 poorest countries lost $197 billion, with Bangladesh topping the bill.
Bangladesh’s Direct Tax Act, expected July 1 2012, will incorporate measures to investigate the irregular fund transfers during this time period.
The UNDP’s report, written by Global Financial Integrity, blamed an improper allocation of funds due to corruption saying public officials favour those who are willing to pay bribes.