The Association of Southeast Asian Nations (ASEAN) has emerged as one of the fastest growing collective economies in Asia. This fast growth is, however, accompanied by various challenges, including the trade-related illicit financial flows (IFFs) that deplete the tax revenues of the Association’s Member States. This chapter aims to shed light on the status of the trade-related IFFs present in the scale of trade mispricing that occurs between the ASEAN community and its global trade partners. To better interpret its findings, the chapter provides a legal framework analysis that highlights gaps in efforts to address these financial challenges in the region. Notwithstanding these gaps, certain Member States with substantial non-tax revenue streams have reduced reliance on conventional taxation, allowing for unique fiscal strategies. A comparative analysis of readiness among ASEAN Member States, meanwhile, reveals disparities, with advanced economies demonstrating robust legal systems w…
Source: Viriyasack Sisouphanthong
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