tag:blogger.com,1999:blog-6297413898275266606.post1245962987783937387..comments2024-03-27T18:15:59.096+08:00Comments on Economics Malaysia: Illicit Outflows: Here We Go Againhishamhhttp://www.blogger.com/profile/06265308095732759923noreply@blogger.comBlogger20125tag:blogger.com,1999:blog-6297413898275266606.post-15426647390591195712012-07-31T23:28:12.428+08:002012-07-31T23:28:12.428+08:00Warrior, glad you enyoed that.Warrior, glad you enyoed that.hishamhhttps://www.blogger.com/profile/06265308095732759923noreply@blogger.comtag:blogger.com,1999:blog-6297413898275266606.post-28273439811573461502012-07-31T09:59:13.042+08:002012-07-31T09:59:13.042+08:00correction:
...excitement that will cost me my fa...correction:<br /><br />...excitement that will cost me my fast!!!<br /><br />Warrior 231Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6297413898275266606.post-68743597281147514372012-07-31T09:46:42.786+08:002012-07-31T09:46:42.786+08:00Hisham
1. I just went to the UNCTAD data.Clicked ...Hisham<br /><br />1. I just went to the UNCTAD data.Clicked on the relevant zones and gasped. Then, I fiddled around by mapping the tax haven/offshore centres list on four zones with special focus on certain names in each namely Eastern Asia (HK), Southeastern Asia (Singapork), Europe(Switzerland) and the Caribbean (Cayman and British Virgins).<br /><br />And I went 'WOW!' holding my Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6297413898275266606.post-89366921156787613572012-07-30T23:44:04.396+08:002012-07-30T23:44:04.396+08:00Warrior,
Unctad collects and compiles direct inve...Warrior,<br /><br />Unctad collects and compiles direct investment data. The latest report is available <a href="http://unctad.org/en/Pages/DIAE/World%20Investment%20Report/WIR2012_WebFlyer.aspx" rel="nofollow">here</a>. Unctad also makes available the time series (includes amounts and rankings). Check it out <a href="http://unctadstat.unctad.org/ReportFolders/reportFolders.aspx?sCS_referer=&hishamhhttps://www.blogger.com/profile/06265308095732759923noreply@blogger.comtag:blogger.com,1999:blog-6297413898275266606.post-39419785450785288882012-07-30T23:33:53.435+08:002012-07-30T23:33:53.435+08:00Some final summations on the points you raised:
1...Some final summations on the points you raised:<br /><br />1. Point 3 : I doubt that to be the case with regard to property rights, (intellectual proprietary rights included)and equitable legal treatment. Again China surfaces as an example simply because issues relevant to the crux of our discussion are well documented:<br /><br />http://www.state.gov/e/eb/rls/othr/ics/2011/157258.htm<br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6297413898275266606.post-49937096075052785572012-07-30T00:02:01.781+08:002012-07-30T00:02:01.781+08:00Warrior,
1. Certainly we can agree to disagree.
...Warrior,<br /><br />1. Certainly we can agree to disagree.<br /><br />2. Apology accepted. What's a few mistakes among friends.<br /><br />3. I wasn't thinking in terms of democracy and civil liberties - in that sense you are absolutely right in that investors don't give a fig (nor is there a proven link with development or economic growth). I was actually thinking more in terms of hishamhhttps://www.blogger.com/profile/06265308095732759923noreply@blogger.comtag:blogger.com,1999:blog-6297413898275266606.post-52491594263914163192012-07-29T14:54:35.308+08:002012-07-29T14:54:35.308+08:00Sorry, forgot a few things
Your 2nd point. Will ...Sorry, forgot a few things<br /><br />Your 2nd point. Will not comment on FDI stock until I have looked at the data but my initial observation is close proximity, hinterland exploitation, historical ties, mutual dependencies, the port factor, etc would have significant influences. Anyway, 5 year data (from 2007) will probably show Singapork trailing Japan and the US and probably Germany, South Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6297413898275266606.post-83316047641442158052012-07-29T14:32:40.076+08:002012-07-29T14:32:40.076+08:00Hisham H
My response:
1.As I stated in the first...Hisham H<br /><br />My response:<br /><br />1.As I stated in the first post, comprehensive procedural planning will streamline the process prior to implementation which in effect means those issues you raised will be addressed before implementation. By default, any policy roll out would take into account those concerns beforehand. I will not belabor the point of exit taxation any further since Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6297413898275266606.post-22279184313406746192012-07-29T13:51:32.221+08:002012-07-29T13:51:32.221+08:00Hisham
Doa that you get that package for the Hajj...Hisham<br /><br />Doa that you get that package for the Hajj as the season is pretty close already. Hope you have a blissful Ramadhan too and thanks for the informative exchanges. Here are some links I may have missed out on:<br /><br />1.Kahn,. J: Other Malays: Nationalism and Cosmopolitanism in the Modern Malay World<br />ISBN 0824831071 / 9780824831073 / 0-8248-3107-1<br /><br />On the Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6297413898275266606.post-79211979519703296762012-07-29T13:35:33.501+08:002012-07-29T13:35:33.501+08:00warrior,
I will only comment on your first post,...warrior, <br /><br />I will only comment on your first post, and parts of your second.<br /><br />1. You realise of course the many loopholes in your proposal. If you define a Chinese company as one having less than 30% bumiputera holdings, then magically overnight all companies will have 30% bumiputera shareholdings. How would you handle for instance listed companies where shareholdings are hishamhhttps://www.blogger.com/profile/06265308095732759923noreply@blogger.comtag:blogger.com,1999:blog-6297413898275266606.post-89627568412143664022012-07-29T12:33:25.723+08:002012-07-29T12:33:25.723+08:001.The issue of justice is essentially a moral issu...1.The issue of justice is essentially a moral issue that is entwined with philosophical underpinnings but then again no justice was afforded to the indigenous population when these hordes were the lapdogs of the Brits. In fact, the very essence of ‘justice’ is open to contestation if interpreted within the paradigm of a relativistic moral universe. As such, secular interpretations of justice are Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6297413898275266606.post-25202012190284702622012-07-29T12:19:06.797+08:002012-07-29T12:19:06.797+08:001.The word “ depredation” is a vague term which ne...1.The word “ depredation” is a vague term which need further refinement. I am not equivocating here, but when I used the word it was based on the historicity of pendatang immigration and the socio-economic fallout on the indigenous population from that epochal event. The socio-economic history of Malaysia is filled with data that incontrovertibly highlights the economic displacement and eventual Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6297413898275266606.post-23564610210214509912012-07-29T12:12:05.104+08:002012-07-29T12:12:05.104+08:00A few points of clarification:
1.The exit tax wo...A few points of clarification:<br /> <br />1.The exit tax would be solely designed to capture migrating capital emanating from LOCAL Chingk sources. The question of identification is a minor issue as individuals are IDed by their race via documentations provided whilst the definition of a Chingk company would utilize the Bumiputera holding route (minimum 30%). Of course the complexities would Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6297413898275266606.post-16197278505154487842012-07-28T01:49:42.580+08:002012-07-28T01:49:42.580+08:00BTW, hope you're having a good Ramadhan too. M...BTW, hope you're having a good Ramadhan too. Me, I've been running around all week trying to get a travel package for the Hajj, fingers crossed I get to go.hishamhhttps://www.blogger.com/profile/06265308095732759923noreply@blogger.comtag:blogger.com,1999:blog-6297413898275266606.post-36625420151459333642012-07-28T01:27:32.589+08:002012-07-28T01:27:32.589+08:00Warrior,
1. I disagree that foreign investors wou...Warrior,<br /><br />1. I disagree that foreign investors would be that understanding, considering that China, Hong Kong, Taiwan and Singapore are major sources of capital inflows. Given the arbitrary and ethnic targeting of such a policy, I would be very wary of the credibility of such an exit tax.<br /><br />A related point is how would you be able to implement such a policy with justice? Much hishamhhttps://www.blogger.com/profile/06265308095732759923noreply@blogger.comtag:blogger.com,1999:blog-6297413898275266606.post-7826079085680273722012-07-27T11:44:29.933+08:002012-07-27T11:44:29.933+08:003. Singapork's regional acquisitions do expose...3. Singapork's regional acquisitions do expose them to the vagaries of the world economy but then again that (exposure to the global economy) has always been the case with all export-dependent economies and more so Singapork (ditto Hong Kong which is also an offshore tax haven). Be that as it may, what has been happening in the Singaporkian economy in recent times has been a dramatic surge inAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-6297413898275266606.post-19181746554236470872012-07-27T01:42:31.440+08:002012-07-27T01:42:31.440+08:00warrior,
I don't like the idea of an exit tax...warrior,<br /><br />I don't like the idea of an exit tax - for one, it's not as if we need the money. Capital flight of this sort would only be dangerous if we were under a gold standard or a global fixed exchange rate regime a'la Bretton Woods. For another, restricting capital outflows will have the same impact on capital <i>inflows</i>. Beware unintended consequences.<br /><br />hishamhhttps://www.blogger.com/profile/06265308095732759923noreply@blogger.comtag:blogger.com,1999:blog-6297413898275266606.post-47709025589994986422012-07-26T00:40:49.000+08:002012-07-26T00:40:49.000+08:00I don't take the figures being bandied about a...I don't take the figures being bandied about at face value, rather I am more inclined to believe that the actual figure may roughly be between 20-25% of the claimed leakage, which approximates RM 220-250 billion.<br /><br />Imagine if we had a flat 10% exit tax imposed on all LOCAL exiting capital, which would have yielded some 20-30 billion in extra revenue. That is why I have been Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6297413898275266606.post-48253079595529311342012-07-25T10:17:33.400+08:002012-07-25T10:17:33.400+08:00Jasper, I don't see the point of an amnesty - ...Jasper, I don't see the point of an amnesty - there's no tax implication, and its not like we need the money.<br /><br />I'm wondering what the Singaporean reaction is to their ranking - their "illicit" outflows aren't insignificant either.<br /><br />Fully agree that we need to relook tax policy and enforcement.hishamhhttps://www.blogger.com/profile/06265308095732759923noreply@blogger.comtag:blogger.com,1999:blog-6297413898275266606.post-28840742763276440362012-07-24T15:20:07.293+08:002012-07-24T15:20:07.293+08:00Would it be beneficial for the Malaysian governmen...Would it be beneficial for the Malaysian government to table a 1-time "tax amnesty" for Malaysian owners of funds stashed overseas to repatriate these funds back to Malaysia, "no questions asked"?<br /><br />Would the country's banking system be able to handle a possible influx of funds and put them to productive use? Would this be condoning "round tripping"?<br Jasper Bloodstonenoreply@blogger.com