In a world reshaped by the COVID-19 pandemic, the Tax Hub will be instrumental in strengthening Domestic Resource Mobilization (DRM) and International Tax Cooperation (ITC) and in supporting developing member countries’ efforts to achieve the Sustainable Development Goals.
Effective, timely, and corruption-free delivery of public services can require a steady source of financing for many developing countries in Asia and the Pacific. One of the biggest challenges is how to pool more resources to improve public financial management and enhance government capacity. Countries need to take strong policy and institutional reforms to raise tax yields to meet their Sustainable Development Goals (SDGs). In a globalized world, where cross-border transactions are inevitable, they also need to meet international standards and better cooperate in implementing and enforcing tax rules.
ADB is in a unique position to improve governance at the national and sub-national level, develop capacity and share knowledge at the regional level, and contribute to the global initiatives in collaboration with other international organizations and sub-regional tax associations in the Asia and the Pacific region.
Presentation and closing remarks by ADB President Masatsugu Asakawa at the launch of the Asia Pacific Tax Hub, 3 May 2021
Mr. Asakawa was joined in the seminar by Japan Deputy Prime Minister, Minister of Finance, and Minister of State for Financial Services Taro Aso; IMF Assistant Director of Fiscal Affairs Department Katherine Baer; World Bank Group Acting Vice President for Equitable Growth, Finance, and Institutions and Director of Prospects Group Ayhan Kose; and OECD Centre for Tax Policy and Administration Director Pascal Saint-Amans. Singapore Deputy Commissioner of Inland Revenue Authority Huey Min Chia-Tern moderated the panel. The panel also included representatives from tax authorities from Australia, the Republic of Korea, and Thailand, and the Department of Finance of the Philippines.