Tax Avoidance Practice in Textile Company in Bangladesh and Impact of Social Media to Avoid This Problems

Abstract

In Bangladesh's textile sector, tax evasion is a major problem, with businesses using a range of tactics to reduce their tax obligations. The purpose of this study is to look into tax evasion tactics used by Bangladeshi textile industries and to see if social media might help solve this issue. This study looks at the tactics used by textile companies to evade taxes, such as profit shifting, transfer pricing, and offshore tax havens, through a thorough examination of the literature and empirical evidence. The results indicate that tax evasion is a multifaceted matter that is impacted by various elements such as legal frameworks, corporate governance arrangements, and cultural standards. In order to take advantage of tax system weaknesses and reduce their tax liabilities, textile companies in Bangladesh frequently employ aggressive tax planning techniques. In addition to undermining government revenue, these actions also exacerbate social injustice and wealth inequality. The study also investigates how social networking sites like Facebook, LinkedIn, and Twitter might help reduce tax avoidance by encouraging accountability, transparency, and corporate responsibility. The results imply that social media can be an effective instrument for increasing awareness, revealing unethical behavior, and making businesses responsible for their tax duties. The efficient use of social media for tax transparency is hampered by issues like false information, privacy concerns, and regulatory loopholes. By illuminating the mechanics of tax avoidance in Bangladesh's textile industry and suggesting tactics for utilizing social media to combat this problem.