Tax transparency progress registered in Asian Countries - Asian Initiative meeting takes place in Yerevan

YEREVAN, JUNE 24, ARMENPRESS. In 2023, Asian countries of the Global Forum of the Organisation for Economic Co-operation and Development (OECD) made progress in tax transparency, as well as in cooperation and information exchange on this issue. This was underscored at the sixth high-level meeting of the Asian Initiative of the Global Forum on Tax Transparency and Information Exchange of the Organisation for Economic Co-operation and Development (OECD), held in Yerevan.

In the Asian Initiative for 2024-2025, Armenia serves as a co-chair country. At the previous conference held in Lisbon in 2023, Rustam Badasyan, Chairman of Armenia's State Revenue Committee, was elected as co-chair of the Asian Initiative.

Rustam Badasyan, on behalf of the Asian Initiative and Armenia's State Revenue Committee, welcomed attendees who gathered to contribute to the collective mission of enhancing tax transparency and cooperation in Asia.

"This meeting is an important part in our journey. Over the next two days, we will review significant steps taken in tax transparency and define new ways for further strengthening tax cooperation in the region.

One of the most important points of this meeting, held in Armenia, will be the presentation of the report 'Tax Transparency in Asia in 2024'. The report showcases the progress made by Asian countries in 2023,’’ said Badasyan.

During the two-day meeting, a detailed discussion will be held where participants will exchange best practices and formulate strategies to address the challenges. The Chairman of Armenia's State Revenue Committee called on participants of the discussion to seize the opportunity to build stronger relationships, exchange experiences, and foster effective cooperation in combating tax evasion and promoting financial integrity in the region.

“We have gathered here today to discuss and promote tax transparency and cooperation in Asia. The importance of these goals cannot be underestimated, because the challenges of tackling tax evasion and illegal financial flows in today's interconnected world require collective action and cooperation," said Deputy Prime Minister Tigran Khachatryan.

He emphasized that the Asian Initiative has played a key role in addressing these issues by bringing together countries from different continents. 

"Through shared commitments and cooperation, we have made significant progress in enhancing tax transparency and promoting a more equitable tax environment worldwide. The success of our joint efforts depends on the dynamics of our partnership," added the Deputy Prime Minister.

Tigran Khachatryan reaffirmed Armenia's commitment to the principles of tax transparency and cooperation. To achieve these common goals, Armenia is ready to work with its partners, both members and non-members of the Asian Initiative.

Manal Corwin, Director of the Centre for Tax Policy and Administration at the OECD welcomed the participants of the Asian Initiative with a video message. She thanked the Armenian authorities for organizing this important initiative meeting.

"I am truly impressed by the tremendous work you have done to combat tax evasion and other illicit financial flows within this initiative through transparency and information sharing for tax purposes. The continued active engagement and increasing political commitment of Asian countries to this agenda is evident. The findings of the 'Tax Transparency in Asia 2024' report provide an excellent example of the efforts that Asian jurisdictions have made to advance their international commitments. These efforts are paying off, as the impressive numbers show,” said Corwin.

She added that the Global Forum continues to support Asian member countries in their sustainable progress. Corwin urged continuing the hard work and addressing the remaining challenges to fully realize the potential of tax transparency and information exchange in Asian countries.

Gael Perraud, Chair of the Global Forum thanked Armenia for organizing the meeting.

Referring to the report, he noted: "The second report and its  outcomes demonstrate the ongoing and consistent progress achieved in the region, but also provide a foundation for further work. I foresee promising developments in the coming years."

Zayda Manatta, Head of the Global Forum Secretariat, noted that only two years have passed since the formation of the Asian Initiative, and today they gathered in Armenia for the sixth meeting since 2022. 

“In a short period of time, tangible progress has already been made through the Asian Initiative, with more Asian countries reaping the benefits of tax transparency. The high-level results have confirmed the importance attached to this agenda," she said, also thanking the partners and donors of the Asian Initiative.

Ms Manatta presented the main findings of the report and the progress made in the field of tax transparency in Asian countries in 2023. At the meeting, the 2024 work program of the Asian Initiative will be discussed, along with completed work and upcoming events.