The United Nations’ Economic and Social Commission for Asia and the Pacific (ESCAP) has proposed to the regional countries creation of an ‘Asia-Pacific Tax Forum’ to monitor tax legislation and regulations across the region.
This is to help develop regional best practice and address issues such as avoidance of double taxation and tax competition to attract foreign investment.
The key recommendation of the ‘Economic and Social Survey of Asia and the Pacific 2014’ released in Bangkok yesterday, is the need for regional cooperation on tax issues, including harmonisation of taxes, elimination of tax competition and combating cross border tax crimes.
