ArmInfo.Problems with tax evasion and illicit financial flows in today's interconnected world require collective action and cooperation, RA Deputy Prime Minister Tigran Khachatryan stated at the 6th meeting of the High-Level Asian Initiative, which started on June 24 in Yerevan.
According to him, the Asian Initiative plays a key role in solving these problems, uniting countries from different continents of the world. "Through our shared commitment and cooperation, we have made significant progress in improving tax transparency and creating a fairer tax environment around the world," the Deputy Prime Minister said.
In turn, Zaida Manata, head of the secretariat of the ECO Global Forum, under whose auspices the meeting is being held, noted that only 2 years have passed since the formation of the Asian Initiative, and today the sixth high-level meeting is being held in Armenia. "In a short period of time, tangible progress has been made through the Asia Initiative, with more Asian countries reaping the benefits of tax transparency. The high-level results confirmed the importance attached to this agenda," said Zaida Manata.
According to Deputy Minister of Finance of the Republic of Armenia Arman Poghosyan, the Asian Initiative plays an important role in uniting countries from different continents to solve common problems, exchange best practices and develop innovative solutions to combat tax evasion and illicit financial flows. "One of the key themes of the meeting is the importance of exchange of information (EOI). The effective implementation of EOI standards is important in our fight against tax evasion," the Deputy Minister emphasized.
The meeting is attended by high-level delegations from full-fledged countries participating in the Initiative, as well as observer countries, partner structures, international organizations, including the Asian Development Bank (ADB) and the International Finance Corporation (IFC). At the meeting on June 24, the report "Tax Transparency in Asia 2024" was presented, which is published for the second time after the launch of the Asia Initiative. This report is the main outcome of the Bali Declaration. Its purpose is to demonstrate the progress of Asian countries in 2023, evaluate the activities carried out under the Initiative and identify challenges for the future.
Seventeen countries and administrative regions are full members of the initiative: Brunei, China, Hong Kong, India, Indonesia, Japan, Kazakhstan, Korea, Macau, Malaysia, Maldives, Mongolia, Pakistan, Philippines, Singapore and Thailand.
