Armenian tax chief co-chairs 9th meeting of Asia Initiative in India

The Chairman of the State Revenue Committee of Armenia, Eduard Hakobyan, is participating in the 9th High-Level Meeting of the Asia Initiative, held within the framework of the 18th Global Forum on Transparency and Exchange of Information for Tax Purposes of the Organization for Economic Co-operation and Development (OECD), taking place in New Delhi, India, from December 1–5.

As co-chair, Hakobyan, together with Hassan Zareer, the Commissioner General of Taxation of the Maldives, chaired the conference.

Armenia was elected co-chair of the Asia Initiative in 2023. This year, its term is ending, and Japan will assume the co-chairmanship from Armenia. 

At the meeting, the Chairman of the State Revenue Committee once again emphasized the importance of the principles adopted by the Asia Initiative for the countries of the region—particularly their significance in terms of tax revenue collection, improving tax discipline, and combating illicit financial flows.

Eduard Hakobyan also stressed that the introduction of transparency and information-exchange standards for taxation has no alternative, and that Armenia has been and will continue to remain a frontrunner in implementing and continuously improving these standards. He expressed gratitude to all partners for their support and joint efforts during Armenia’s co-chairmanship of the Asia Initiative, noting that only through collective efforts is it possible to implement the ambitious programs and reforms set by the member countries of the Asia Initiative.

The Asia Initiative is focused on developing tailored solutions to ensure the implementation of tax transparency standards across Asia.

On 17 November 2021, Indonesia’s Minister of Finance Sri Mulyani Indrawati and the President of the Asian Development Bank (ADB), Masatsugu Asakawa, both firmly supported the launch of an Asia Initiative on tax transparency and called on jurisdictions in the region to join this important milestone to support post-pandemic recovery efforts.

On 14 July 2022, ministers from 13 Asian jurisdictions endorsed the Bali Declaration (Asia Initiative Declaration) as a call to enhance the use of tax transparency for sustainable domestic resource mobilisation in the region. The signing ceremony was held on the margins of the third G20 Finance Ministers and Central Bank Governors' meeting in Bali, Indonesia. Four other jurisdictions have since joined the Declaration.

The Asia Initiative is currently co-chaired by Mr. Hassan Zareer, Commissioner General of the Maldives Inland Revenue Authority, and Mr. Eduard Hakobyan, Chairman of the State Revenue Committee of Armenia.