Illicit flow of funds not linked to Pandora Papers, says Najib
Former prime minister Najib Razak said ex-finance minister Lim Guan Eng and PH had said nothing about the illicit outflow of funds during their 22 months in the government.
PETALING JAYA: Former prime minister Najib Razak said today the illicit flow of funds is not linked to the Pandora Papers.
But he said DAP had persistently linked Global Financial Integrity (GFI), a Washington-based think tank that focused on the illicit flow of money and trade mispricing by import and export companies and multinational companies to avoid tax, with the leaked Pandora Papers.
He questioned DAP for not focusing on the issue of trade mispricing.
“Why did PH abolish GST (goods and services tax) which could have controlled trade mispricing?
“The funniest thing is that although DAP had played on the issue of the GFI report and the outflow of illicit money worth more than RM100 billion in trade mispricing since 2011, (former finance minister) Lim Guan Eng or the Pakatan Harapan had said nothing about this during their 22 months in the government,” said Najib.
Najib was referring to DAP’s Facebook posting yesterday quoting Lim Guan Eng on the Pandora Papers. Lim had called on Bank Negara to probe the alleged illicit outflow of RM138.66 billion from Malaysia from 2006 to 2015, as exposed by GFI.
Najib questioned why DAP was keen on linking the GFI report with the Pandora Papers, which he said only listed the names of people who own shares or were directors of offshore companies. He said the leaked papers did not mention the GFI report.
He said the GFI clearly blamed the outflow of funds on trade mispricing or misinvoicing, which he said was a method used by importers and exporters as well as multinational companies to escape taxes.
PETALING JAYA: Former prime minister Najib Razak said today the illicit flow of funds is not linked to the Pandora Papers.
But he said DAP had persistently linked Global Financial Integrity (GFI), a Washington-based think tank that focused on the illicit flow of money and trade mispricing by import and export companies and multinational companies to avoid tax, with the leaked Pandora Papers.
He questioned DAP for not focusing on the issue of trade mispricing.
“Why did PH abolish GST (goods and services tax) which could have controlled trade mispricing?
“The funniest thing is that although DAP had played on the issue of the GFI report and the outflow of illicit money worth more than RM100 billion in trade mispricing since 2011, (former finance minister) Lim Guan Eng or the Pakatan Harapan had said nothing about this during their 22 months in the government,” said Najib.
Najib was referring to DAP’s Facebook posting yesterday quoting Lim Guan Eng on the Pandora Papers. Lim had called on Bank Negara to probe the alleged illicit outflow of RM138.66 billion from Malaysia from 2006 to 2015, as exposed by GFI.
Najib questioned why DAP was keen on linking the GFI report with the Pandora Papers, which he said only listed the names of people who own shares or were directors of offshore companies. He said the leaked papers did not mention the GFI report.
He said the GFI clearly blamed the outflow of funds on trade mispricing or misinvoicing, which he said was a method used by importers and exporters as well as multinational companies to escape taxes.
Wow…
ReplyDeleteJibby is having some hp6 economic dickheads (giat-tunas economists?) to guide him for some comeback brownies!
Unfortunately, being himself a equally blurred economic f*ck, he is been noseled to a 死胡同！
Superficially the argument holds many water - but with a container full of holes, especially about trade mispricing!
Mmmm… no need to elaborate.
All things, capitalistic, would collapse on their heads sooner than when all the helicoptered monies used in propping up the Wall St, lose its printed value.
QUOTE
ReplyDeleteHe questioned DAP for not focusing on the issue of trade mispricing.
“Why did PH abolish GST (goods and services tax) which could have controlled trade mispricing?
UNQUOTE
So if GST can solve transfer (mis)picing issues by companies then why is it still a global problem today when GST is already used by 500 countries?
Did transfer (mis)pricing between related companies disappear when GST was in effect in Malay-sia?
Did Jibby promptly return all the GST tax refunds or did he "rob" the rakyat ha ha ha, instead of keeping it in a Trust Account, transfer it to Gomen Consolidated Account and spend the money willy nilly? Up till today the Twit is still returning the refunds.
And if GST is so good then are we bringing it back in Bajet 2022?
Najib takes the rakyat for fools , trying to divert the subject if the Pandora Papers.
ReplyDeleteTrade mispricing, while possibly or probably unethical , is a totally separate issue from the illegal movement of funds , or secretly stashing of funds obtained through criminal activities.
Where the trade itself involves bona fide commercial products or services, the declared price is often a subjective number.
The standard for ascertaining that there is tax evasion involved is pretty high and not a simple issue.