A special regional forum on information exchange and transparency through the tax system, the 8th Asia Initiative meeting, has been launched at Villa Nautica resort.
The forum, attended by representatives from 17 Asian countries, is a regional meeting held as part of the Organisation for Economic Cooperation and Development (OECD)’s Global Forum on Transparency and Exchange of Information for Tax Purposes. While the 8th Asia Regional Meeting is being in the Maldives in collaboration with the Maldives Inland Revenue Authority (MIRA), the forum is co-chaired by Commissioner General of Taxation Hassan Zareer.
The opening ceremony of the meeting was graced by the Minister of Finance and Planning, Moosa Zameer. The Minister launched the third issue of the Tax Transparency in Asia Report during the event.
Speaking to PSM News, Commissioner General of Taxation Hassan Zareer highlighted the Maldives’ rapid advancements in its tax system compared to other countries. Zareer emphasised that the opportunity to co-chair the forum was an important opportunity for the Maldives.
Zareer said that by joining such initiatives, the Maldives will be able to exchange information with other countries involved in these initiatives, avoiding the need to sign tax information exchange agreements with individual countries.
"We have amended our laws such that the system now allows for information exchange. In addition, holding a leadership role in the region gives us the opportunity to interact with other regional initiatives. We believe this is a significant step forward,” Zareer said.
Speaking to the media, Eduard Hakobyan, Second Co-Chair of the Asia Initiative and Head of the Armenian Tax Administration, noted that the exchange of information between countries within the tax system is increasing. He noted the countries are cooperating to establish a transparent system.
The forum includes sessions on establishing a transparent tax system. In addition, countries will exchange views on the inclusion of crypto currency in the tax system.
The Asia Initiative is an annual platform for tax authorities across Asia countries. This is the first time the Maldives is hosting the event. The forum was attended by 17 countries as well as members of the Asian Development Bank (ADB), the Commonwealth Association of Tax Administrators and the Study Group on Asia Pacific Tax Administration and Research (SGATAR).