The Asian Development Bank (ADB) will establish the regional center to strengthen tax policy cooperation between countries in the Asia-Pacific region and their partners.
“I strongly believe that one of the keys to success in achieving the World’s Sustainable Development Goals will be strengthening domestic resource mobilization and international tax cooperation,” said ADB Chief Executive Masatsugu Asakawa at the bank’s 53rd annual meeting.
The center will focus on promoting international tax cooperation and mobilizing domestic resources through interaction with relevant institutions in developing countries, international organizations such as the International Monetary Fund, the Organization for Economic Cooperation and Development, and the World Bank. The regional structure will facilitate development of potential, exchange of knowledge and development coordination.
The meeting participant also discussed how governments should balance efforts to increase tax revenue and promote investment for a sustainable pandemic recovery. It requires active participation in international initiatives, including the Global forum on transparency and exchange of information for tax purposes.
The ADB will also help tax authorities increase investment in technologies necessary for tax administration.