The Second Asia Initiative Meeting is being held in Bali from August 31 to September 2, 2022, as part of G20 Indonesia side events to discuss tax transparency in the Asian region.
Deputy Finance Minister Suahasil Nazara said here on Thursday that the meeting is meant to serve as an opportunity for tax administrations in Asia to achieve high-level objectives, which comprise promoting international cooperation, encouraging fairness in the tax system, and increasing the mobilization of domestic resources in Asia.
The ongoing event is being attended by tax commissioners from 15 member countries as well as five representatives of international organizations, who are joining the meeting on a hybrid basis (virtual and on-site).
As a follow-up to the first meeting on February 16 and the ministerial meeting and the Bali Declaration signing on July 14, the second meeting has several objectives.
The objectives include discussing and sharing best practices on the exchange of information (EOI), and sharing the experience of implementing the voluntary disclosure program with the support of EOI.
The meeting attendees will also discuss efforts to build an effective beneficial ownership framework and promote effective EOI in tax administration in the Asian region.
Meanwhile, the ministry’s director general of taxes and chair of the Asia Initiative for the ad-hoc 2022 period, Suryo Utomo, said he believes that the Asia Initiative is an essential platform for tax cooperation in the Asian region, especially for combating tax evasion and other illicit financial flows.
“I believe this forum will be a good opportunity to share experiences and build closer relationships among member countries, especially in terms of tax transparency,” Utomo added.
According to him, over the years, tax evasion and illicit financial flows have hindered the government’s efforts to finance public needs.
Source: Antara News