Monday, June 24 2024 17:03
Alexandr Avanesov

Problems with tax evasion and illicit financial flows require collective action and cooperation

Problems with tax evasion and illicit financial flows require  collective action and cooperation

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.

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