Asian economies are gradually making progress in transforming their tax administration in the digital age.
Declining revenues and stuttering economies require that tax administrators in Asia and the Pacific innovate
On the Road to a Speedy Economic Recovery: A Broad-Based Tax System is Key to Solomon Islands’ Pandemic Response
A more sustainable revenue base for the Pacific Island nation could better manage changing economic conditions and the impact of shocks such as COVID-19.
The COVID-19 pandemic has created opportunities for a fairer, more robust and more efficient tax revenue and spending system.
Collecting taxes more efficiently allows countries to improve their balance sheets after the pandemic while promoting business investment and sustainable economic growth.
COVID-19 has brought unprecedented economic and development challenges but it also offers opportunities for financing solutions to help achieve the Sustainable Development Goals.
Decreased tax revenues and increases in public spending due to COVID-19 make it imperative for developing Asian countries to mobilize private capital for the vast investments needed to achieve the SDGs.
Extending a value added tax (VAT) to more effectively capture e-commerce and digital services could yield significant short-term revenue and help ensure a level playing field between domestic and foreign players.
Tax revenue can be raised in a fair and reasonable way to provide much-needed public services and support the poor and disadvantaged still reeling from the pandemic.
The tax administration of the future will be digitized and use new technologies which revolutionize tax processes, enhancing speed and accuracy.