Addressing Offshore Tax Evasion Challenges in the Rising of Digitalization Economy

Abstract

Countries worldwide have lost billions of dollars in tax revenue due to tax evasion on income from offshore bank accounts. The increasing challenge in a rising digital economy, has brought about significant economic and social disruption, necessitating advanced measures to combat offshore tax evasion. Hence, this paper aims to provide an overview and critical analysis of the digital approaches taken globally to curb offshore tax evasion strategies used by individual and multinational corporations. This paper employs library-based doctrinal study and comparative legal analysis in a descriptive, analytic provision, and prescriptive manner.

Keywords: Offshore Asset, Tax Evasion, Digital Economy, Law Reform

eISSN: 2398-4287© 2021. The Authors. Published for AMER ABRA cE-Bs by e-International Publishing House, Ltd., UK. This is an open access article under the CC BYNC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/). Peer–review under responsibility of AMER (Association of Malaysian Environment-Behaviour Researchers), ABRA (Association of Behavioural Researchers on Asians/Africans/Arabians) and cE-Bs (Centre for Environment-Behaviour Studies), Faculty of Architecture, Planning & Surveying, Universiti Teknologi MARA, Malaysia.

DOI: https://doi.org/10.21834/ebpj.v6i18.3019