The Foreign Investors’ Chamber of Commerce & Industry (FICCI) has objected to a news item headlined “Tax theft by MNCs: Call to enforce transfer price rules” published in Sunday’s issue of The Financial Express.
In a statement, the chamber said the shoulder “Tax theft by MNCs” and the reporter’s remarks have no relevance to the context of reporting.
The FICCI, which represents the multinational companies (MNCs) operating in Bangladesh, said it appears from the news report that several distinguished speakers such as the chairman of NBR, president of ICMAB, joint director of CIC and former member of NBR addressed the seminar relating to “transfer pricing.” “None of them has accused the MNCs as “tax dodgers” as far as your report is concerned.”
The trade body chamber is aggrieved with the shoulder “Tax theft by MNCs” and the reporter’s allegation that the speakers of the seminar emphasised on ‘proper enforcement of transfer pricing provisions to keep multinational corporations from dodging taxes’ is also not in conformity with the proceedings of the seminar.
“We apprehend that this sort of baseless reporting will create a misleading impression in the public domain about the MNCs operating in Bangladesh,” the FICCI said.
The chamber said its member companies are contributing annually around 30 per cent of total tax revenue to the government.
The companies are operating more than 50 years in Bangladesh with good corporate governance, transparent financial reporting, and adherence to business rules and ethics. FICCI-linked companies also received awards from the NBR as highest tax payers.
The FICCI has been cooperating with the NBR for the formation and implementation of “transfer pricing” laws and rules.
“We believe that before detecting any irregularities of MNCs through due legal process with respect to “transfer pricing,” it is highly unethical and objectionable to accuse them of tax evasion on a wholesale basis,” the chamber said.