26/05/2025 – A regional initiative to strengthen international tax co-operation across Asia is producing significant results in the global fight to tackle tax evasion and illicit financial flows, with EUR 1.9 billion additional annual revenues identified in 2024, according to a new progress report on tax transparency in Asia.
The latest Tax Transparency in Asia 2025, launched today by the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) during its 8th Asia Initiative Meeting in the Maldives, provides a detailed picture of how the Asia Initiative is promoting the effective implementation of international tax transparency standards across the region and contributing to mobilising domestic resources.
The report shows that, since the launch of the Asia Initiative in 2021 and the related signing of the Bali Declaration by Asian ministers of finance, regional implementation of international tax transparency standards by its 17 members led to the identification of EUR 1.9 billion additional annual revenues in 2024. This includes EUR 1.7 billion identified through exchange of information on request (EOIR) and offshore investigations, and around EUR 200 million through automatic exchange of financial account information, including related voluntary disclosure programmes. In total, since 2009, at least EUR 24 billion in additional revenue (tax, interest and penalties) have been identified by Asian jurisdictions through the implementation and use of the international tax transparency standards, with further progress expected to continue in the years ahead.
Speaking at the event, Mr Eduard Hakobyan, Co-Chair of the Asia Initiative and Chairman of the State Revenue Committee of Armenia, said, "I am proud of the region's accomplishments this year. These results highlight Asia's strong commitment and demonstrate the impact of the capacity-building efforts we continue to implement through the Asia Initiative. Our members are working hard to achieve the goals set in the Bali Declaration."
Mr Hassan Zareer, Commissioner General of the Maldives Inland Revenue Authority, appointed as Co-Chair of the Asia Initiative for 2025-2026, highlighted that "while these outcomes are impressive, some members have not yet realised the full potential of exchange of information. In the two years I have as a Co-Chair, I am steadfast in my commitment to supporting all necessary efforts to ensure that the benefits of tax transparency are shared as broadly as possible."
Major recent advances set out in the report include:
- Through the Convention on Mutual Administrative Assistance in Tax Matters (MAAC), Asian jurisdictions have entered into more than 3200 bilateral relationships for exchange of information (EOI) to foster tax co-operation, and most of them have an exchange of information network covering over 140 jurisdictions.
- 18 Asian jurisdictions are committed to start automatically exchanging financial account information by 2026, and 16 have already started exchanging by the end of 2024.
- 15 Asian jurisdictions fully reviewed in the second round of EOIR peer reviews received a satisfactory rating (“Compliant” or “Largely compliant”).
- 9 Asian jurisdictions committed to implement the Crypto-Assets Reporting Framework (CARF) by 2027 or by 2028.
Tax Transparency in Asia 2025 is a flagship publication of the Asia Initiative, a regional effort launched in 2021 to promote the implementation and effective use of international tax transparency standards tailored to the priorities of Asian jurisdictions. Its release marks a key milestone of the 8th Asia Initiative Meeting, held from 26 to 28 May 2025 in the Maldives, and co-organised by the Maldives Inland Revenue Authority and the Global Forum Secretariat.
With 171 members, the Global Forum is the leading multilateral body mandated to ensure that jurisdictions around the world adhere to and effectively implement both the exchange of information on request standard and the standard of automatic exchange of information. These objectives are achieved through a robust monitoring and peer review process. The Global Forum also runs an extensive capacity-building programme to support its members in implementing the standards and help tax authorities make the best use of cross-border information sharing channels.
For more information and to access the full report, visit: https://www.oecd.org/en/networks/global-forum-tax-transparency/news-events/2025/tax-transparency-in-asia-2025.html
For more information, please contact Ms Zayda Manatta, Head of the Global Forum Secretariat, zayda.manatta@oecd.org or ctp.communications@oecd.org.
The Global Forum’s worldwide capacity-building programme is supported by the following development partners, with a specific contribution from Japan to the Asia Initiative:
