Pre-Independence, a huge amount of colonial surplus was taken out of Malaya by the British as dissected by Alec Gordon and K.S. Jomo; that an estimated 3 to 17 percent of its gross national product was wealth-drained.
According to some estimates, even presently, tax revenue losses in Malaysia due to transfer mispricing and profit shifting could be significant. For instance, a 2021 report from the Tax Justice Network estimated that Malaysia loses around US$1.4 billion annually due to profit shifting by transnationals through tax avoidance strategies, including transfer pricing.
Just the amount of illicit financial flows has increased from US$285.24 billion (period 2001 to 2010) to US$ 370.38 billion (period of 2002 to 2011) and US$ 394.87 billion (period 2003 to 2012).
The International Consortium of Investigative Journalists (icij) has once reported that top Malaysian politicians use offshore secrecy to funnel illicit transactions. The Global Finance Integrity (gfi) has also once estimated that Malaysia lost up to about US$431 billion (RM$1.8 trillion) in illicit outflows between 2005 and 2014. The estimated illicit financial outflows from Malaysia were at around 6%-10% of the value of Malaysia’s trade of US$443.2 billion for the year 2014, that is, between US$26.6 billion and US$44.3 billion, (freemalaysiatoday).
The week's publications include:
1] Aleida Guevara - daughter of Chè, counterpunch
2] Taiwan: cross-Strait, Xià Lìpíng (夏立平)
3] Capitalism, Minimum Salary and the Progressive Wage System, STORM
4] An analysis of Industrialisation 4.0 on NIMP, STORM
5] Digital Colonisation with Data Centres, STORM
7] FRIDAY FILES 25/10/2024
with solidarity,