JAKARTA -- Competition among Southeast Asian countries to attract foreign investment through tax exemptions and incentives has proven "damaging" to their national revenues, the International Monetary Fund says.
Sluggish global growth and this investment battle waged by members of the Association of Southeast Asian Nations have amplified corporate tax competition, cross-border tax avoidance and illegal tax evasion in the region, Mitsuhiro Furusawa, the IMF's deputy managing director, said Wednesday.
