The Global Forum published its 2024 Tax Transparency in Asia report on Monday, 24 June 2024, which analyses the impact of the “Asia Initiative” on regional tax collection.

According to this report, at least EUR 21.8 billion in additional revenue has been identified by Asian members of the Global Forum on Transparency and Exchange of Information for Tax Purposes Global Forum since 2009.

In 2023 alone, at least EUR 1.8 billion were identified following the implementation and use of the tax transparency standards: exchange of information on request (EOIR) and automatic exchange of financial account information (AEOI).

The report highlighted that the level of commitment to the tax transparency agenda remained very high in the region. It also underscored the expanding network for exchanging information on request (EOIR), noting over 3,000 bilateral relationships formed through tax cooperation agreements.

Furthermore, 18 Asian jurisdictions have pledged to implement automatic exchange of information (AEOI) by 2026, with 15 set to adopt it by the end of 2023.

According to this report, the region is making significant strides in implementing tax transparency standards. Most Asian members of the Global Forum are developing robust Exchange of Information (EOI) infrastructures and have received satisfactory ratings in their peer reviews on Exchange of Information on Request (EOIR) and Automatic Exchange of Information (AEOI).

The Global Forum on Transparency and Exchange of Information for Tax Purposes is an international organisation established by the Organisation for Economic Co-operation and Development (OECD).  The Global Forum aims to ensure the successful implementation and effectiveness of tax transparency measures among member countries.

The report also mentioned six Asian Global Forum members committed to swiftly implementing the crypto asset reporting framework and the amendments brought to the common reporting standard in time for exchanges to commence, in principle, by 2027.

Many Asian countries still underutilize the Exchange of Information on Request (EOIR) for tax investigations and audits. From 2009 to 2023, five Asian nations—Pakistan, China, India, Indonesia, and Japan—accounted for 91% of total EOIR requests.

However, in 2023, seven Asian nations, including Armenia, Uzbekistan, Mongolia, and South Korea, constitute 95% of outbound requests.