PH Joins Asia Initiative For Tax Transparency

The Department of Finance (DoF) said the Philippines joined a regional initiative that will provide solutions to ensure the implementation of tax transparency standards across Asia.

Finance Secretary Benjamin e E. Diokno said the Philippines endorsed the Bali Declaration, which aims to enhance tax transparency for sustainable domestic resource mobilization in the region.

This endorsement effectively made the Philippines the 17th member of the Global Forum’s Asia Initiative.

“The Philippines would greatly benefit from joining the Asia Initiative as we will have access to custom-tailored capacity-building activities offered by Asia Initiative partners to promote international tax transparency,” Diokno said.

According to Diokno, the Philippines reaffirmed its commitment to the full and effective implementation of international tax transparency and administrative cooperation. This aims to avoid international tax evasion and illicit financial flows to raise tax revenues for the country.

The Asia Initiative, launched on November 21, aims to support the effective implementation and use of tax transparency standards and develop tax cooperation across Asia.

“We are delighted to welcome the Philippines as the latest Asia Initiative member,” said Sanjay Malhotra, Revenue Secretary of the Ministry of Finance of India, and Suryo Utomo, Director General of the Directorate General of Taxation of Indonesia, Co-Chairs of Asia Initiative.

“The enlargement of the Asia Initiative’s membership highlights the importance given to tax transparency in Asia, and the resolve of governments to come together to fight and prevent tax evasion and avoidance,” they remarked.

The Global Forum is the leading multilateral body directed to ensure that jurisdictions globally would follow and effectively implement the exchange of information in tax transparency.

It also runs an extensive capacity-building program to support its members in implementing the standards and maximizing the use of cross-border information-sharing channels.

As a member of the Asia Initiative, the Philippines is committed to tax transparency activity and may access relevant technical assistance and capacity-building programs.

The Initiative will facilitate the exchange of knowledge and experiences and hold a regional forum to encourage collaboration among its members.

Other Asia Initiative members include Armenia, Brunei Darussalam, People’s Republic of China, Hong Kong (China), India, Indonesia, Japan, Kazakhstan, South Korea, Macau (China), Malaysia, Maldives, Mongolia, Pakistan, Singapore, Thailand.

Source: Manila Bulletin