ADB launches tax hub to enhance international tax cooperation ANI | Updated: May 07, 2021 13:17 IST
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. 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.
This type of multilateral approach is the only way to ensure that highly profitable multinational firms both pay sufficient tax and pay it to countries where they have significant engagement, including in low-income developing countries, IMF Managing Director Kristalina Georgieva said.
Kristalina Georgieva, managing director of the International Monetary Fund (IMF), said on Tuesday that she s optimistic for a global agreement on corporate income taxation this year to fix the international tax system.
Now, we face the two disastrous and very expensive crises of COVID and climate change. These urgent needs, combined with a renewed spirit of multilateralism, give us a unique opportunity to rethink and fix the international tax system, Georgieva said in remarks prepared for a virtual book launch.
WASHINGTON, May 5: Kristalina Georgieva, managing director of the International Monetary Fund (IMF), said on Tuesday that she's optimistic for a global
News Release | 3 May 2021
MANILA, PHILIPPINES (3 May 2021)
The Asian Development Bank (ADB) today launched an Asia Pacific Tax 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, its members, and development partners.
The hub will maximize regional and international resources to strengthen domestic resource mobilization (DRM) and international tax cooperation (ITC) in ADB’s developing member countries (DMCs).
“Domestic resource mobilization 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,” ADB President Masatsugu Asakawa said in a seminar at ADB’s 54th Annual Meeting. “The lack of a pan-regional tax community has been a unique and significant shortcoming for Asia and the Pacific. To address thi