Manila [The Philippines], May 7 (ANI): The Asian Development Bank (ADB) has launched a hub to create an open and inclusive platform to promote strategic policy dialogue, improve knowledge sharing and strengthen coordination on tax policy and administration among ADB members and development partners.
The Asia Pacific Tax Hub will maximise regional and international resources to strengthen domestic resource mobilisation and international tax cooperation in ADB's developing member countries (DMCs).
"Domestic resource mobilisation has emerged as a major strategic priority for our DMCs at this moment. It will be vital in the effort to address debt sustainability and to achieve the Sustainable Development Goals," said ADB President Masatsugu Asakawa.
The lack of a pan-regional tax community has been a unique and significant shortcoming for Asia and the Pacific, he said.
The hub will support DMCs on three main building blocks: preparation of medium-term revenue strategies, roadmaps for automation of tax administration and proactive participation in international tax initiatives.
Through the hub, ADB will coordinate closely with International Monetary Fund (IMF) to support DMCs as they formulate country-specific medium-term revenue strategies.
It will conduct needs assessments to prepare roadmaps for the automation of tax administrations in DMCs, and support their implementation in collaboration with development partners and leading countries.
The hub will facilitate policy dialogue with Organisation for Economic Cooperation and Development (OECD) and stimulate proactive participation of DMCs in the Inclusive Framework on Base Erosion and Profit Shifting and the Global Forum on Transparency and Exchange of Information for Tax Purposes.
Besides, it will apply financial instruments like policy-based and project lending, and technical assistance to promote domestic resource mobilisation, adoption of international tax standards and strengthened technology investment by revenue agencies.
The hub will organise a first high-level conference by the fourth quarter of 2021.(ANI)