Manila: The Asian Development Bank (ADB) and governments in Asia and the Pacific must work together to improve domestic resource mobilization (DRM) and expand international tax cooperation (ITC) to help future generations avoid unsustainable debt and persistent inequality, ADB President Masatsugu Asakawa has said.
According to him, Developing Asia needs substantial and predictable revenue streams to achieve the Sustainable Development Goals, including greater climate change ambitions, expanded health coverage, and more effective social protection.
"I encourage governments to commit to working with the Tax Hub to address these challenges as they support their medium-term development,” said the ADB President in a press release on Wednesday.
"I would like to see increased sharing and exchange of experiences and best practices in reforms across the region, to ensure stronger and more coordinated implementation of tax reform. This will lead to higher revenues and social spending which are badly needed in our DMCs," he added.
ADB set up the Asia Pacific Tax Hub in May 2021 to help its DMCs mobilize domestic resources more effectively.
he hub will serve as an open and inclusive platform to promote strategic policy dialogue, improve knowledge sharing, and strengthen coordination on tax policy and administration.
Since its inception, the Tax Hub has conducted consultations with more than 40 ADB members, development partners, and tax associations and received strong support for a region-wide forum to exchange views and learn from the reform experience of other countries.
"We must act now to mobilize domestic resources that expand fiscal space, maintain intergenerational equity, and meet the development challenges of our times—including recovery from the pandemic and climate change," Asakawa said.
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