MANILA, May 3 (Xinhua) -- The Asian Development Bank (ADB) launched an Asia-Pacific Tax Hub on Monday to create an open and inclusive platform to promote strategic policy dialogue, improve knowledge sharing, and strengthen coordination on tax policy and administration among ADB, its members and development partners.

The Manila-based bank said the hub will maximize regional and international resources to strengthen domestic resource mobilization and international tax cooperation in ADB's developing members.

At a seminar at ADB 54th annual meeting, President of the regional financial institution Masatsugu Asakawa said, "The lack of a pan-regional tax community has been a unique and significant shortcoming for Asia and the Pacific."

According to the ADB, the hub will support developing members on three main building blocks: preparation of medium-term revenue strategies, roadmaps for the automation of tax administration, and proactive participation in international tax initiatives.

The ADB said the hub aims to play a vital role in these agendas by stimulating regional dialogue and knowledge sharing on needed reforms.

The hub will also allow the ADB to apply its financial instruments, such as policy-based and project lending and technical assistance, to promote domestic resource mobilization, adopt international tax standards, and strengthen technology investment by revenue agencies.

The ADB said it is establishing a secretariat to operationalize the hub and organize a steering committee to bring together key development partners.

The hub will organize a first high-level conference by the fourth quarter of 2021 to report on progress and discuss the next steps on the three building blocks of the hub, including details of the operations of the hub secretariat and Steering Committee, the ADB added. Enditem

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