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 press release on Monday.
"The lack of a pan-regional tax community has been a unique and significant shortcoming for Asia and the Pacific. To address this, I would like to announce today the official launch of the Asia Pacific Tax Hub," Asakawa stated.
The hub will support DMCs on three main building blocks: preparation of medium-term revenue strategies (MTRS); roadmaps for the automation of tax administration, and proactive participation in international tax initiatives.
The hub aims to play a key role in these agendas by stimulating regional dialogue and knowledge sharing on needed reforms.
The hub will organize a first High-Level Conference by the fourth quarter of 2021 to report on progress and discuss next steps on the three building blocks of the hub, including details of the operations of the hub secretariat and Steering Committee.