ADB supports Cambodia's efforts to implement tax integrity standards
ADB held a virtual kick-off meeting on 18 May 2020 for the Technical Assistance Program on Mutual Agreement Procedure where 16 Cambodian tax officials learned how to further improve their tax dispute resolution mechanisms. The meeting helped enhance tax certainty against the backdrop of a digitalized economy and increasing trend of new business models following the COVID-19 pandemic.
Intelligent Integrity Due Diligence AI pilot launched
ADB's Vice President Diwakar Gupta, Private Sector Operation Department (PSOD) Director General Michael Barrow, and Transaction Support Division Director Mark Kunzer on 1 April 2020 launched the Intelligent Integrity Due Diligence (I2D2), ADB's third solution out of the Digital Innovation Sandbox. I2D2 combines AI and digital technology to conduct integrity due diligence and sanctions checks on prospective recipients of ADB funding. VP Gupta stressed the importance of using the Digital Innovation Sandbox to safely experiment with emerging technologies as well as safeguarding intellectual property. He recognized the team that made this joint venture between PSOD and ADB's Information Technology Department successful. Mr. Barrow said I2D2 is part of PSOD's ongoing work to modernize its operations. About 250 individuals participated in the virtual launch.
ADB supports developing member countries in global endeavor to reach solution on taxation of digital economy
ADB participated as an observer at the 8th meeting of the Inclusive Framework on Base Erosion and Profit Shifting on 29 to 30 January 2020 in Paris, France. About 360 delegates from 122 jurisdictions issued a statement reaffirming their commitment to reach a consensus-based, long-term solution to the tax challenges arising from the digitalization of the economy, and to continue working toward an agreement by the end of 2020.
ADB supports implementation of international tax integrity standards in Armenia
Thirteen Armenia government officials on 3-5 February 2020 in Yerevan participated in the training and technical support from ADB experts aimed to implement international tax integrity standards. This is part of ADB’s initiative to strengthen the country's capacity to fight tax evasion, reduce opportunities for aggressive tax planning, and mobilize domestic resources.
Automatic exchange of tax information training held in Georgia
ADB and the Organisation for Economic Co-operation and Development's Global Forum on Transparency and Exchange of Information for Tax Purposes, in partnership with the Revenue Service of Georgia and the Deutsche Gesellschaft fur Internationale Zusammenarbeit, conducted a training seminar on 27-31 January 2020 in Tbilisi. Eighty-two participants from government agencies in Europe, Africa, and Asia, including 14 ADB developing members, attended the training aimed to help build the capacity of national tax authorities to fight tax evasion and illicit financial flows.
ADB supports Palau's priorities on international tax integrity
Fifteen government officials from Palau received training and other technical support from ADB in transparency and exchange of information for tax purposes from 6-9 January 2019 in Koror. This is part of ADB’s support for Palau’s commitment to establish legal and administrative systems that meet international tax integrity standards to fight tax evasion and mobilize domestic resources.
ADB assists Nepal in Anti-Money Laundering and Countering Financing of Terrorism
On 4-5 December 2019, more than 20 representatives from Nepal's Ministry of Finance, Ministry of Home Affairs, Department of Money Laundering Investigation, Department of Land Revenue, and Social Welfare Council attended gap analysis workshops. They also received technical assistance on assessing the Anti-Money Laundering and Countering Financing of Terrorism compliance of real estate agents, precious metal and stone dealers and non-profit organizations with a risk-based approach.
ADB supports regional conference to address corruption in infrastructure projects
ADB joined more than 150 leaders from government, private sector, civil society and anticorruption agencies to address corruption risks in infrastructure projects at a regional conference held under the Anticorruption Initiative for Asia-Pacific supported by ADB and OECD on 3 to 6 December 2019 in Ha Noi. ADB also discussed how corruption compromises the quality of infrastructure and deprives beneficiaries from their intended benefits, and the actions it takes to strengthen governance of infrastructure projects.
ADB to support good corporate governance and anticorruption measures in private sector
ADB President Takehiko Nakao led ADB staff in commemorating International Anticorruption Day on 9 December 2019. In his remarks, the President urged ADB staff to collaborate with private sector partners on corporate governance for better development results. Keynote speakers Yanti Triwadiantini and Pana Ratanabanangkoon discussed initiatives to engage the private sector in the fight against corruption.
ADB participates in Global Forum 10th Anniversary Plenary Meeting
ADB joined more than 500 delegates from 131 jurisdictions, including 19 developing member countries, and 15 international and regional organizations at the Global Forum 10th Anniversary Plenary Meeting on 26-27 November 2019 in Paris, for renewed discussions on efforts to advance the tax transparency agenda. As reflected in the Statement of Outcomes, the cooperation between the ADB and the Global Forum will be intensified with the intention of delivering even stronger support to Asia-Pacific countries.