Asean officials keen on regional TIN

Top finance and central bank officials of the Association of Southeast Asian Nations support moves to come up with a regional tax identification number (TIN) in line with plans to harmonize taxation policies as well as strengthen compliance monitoring across member-states.

“We acknowledged the progress of work of the Asean Forum on Taxation (AFT), particularly in the continuous efforts to complete a network of bilateral tax agreements, to improve exchange of information for tax purposes, and to enhance members’ cooperation on capacity-building on taxation matters. We also welcomed AFT’s plan to further discuss other areas under taxation, including the feasibility study of the global TIN scoping proposal, base erosion and profit shifting issues, and to explore possible ways on tax harmonization,” read the joint statement issued following the First Asean Finance Ministers’ and Central Bank Governors’ Meeting in Kuala Lumpur, Malaysia last week.

Finance Secretary Cesar V. Purisima earlier said the country was pushing for the establishment of an Asean TIN, similar to the Asia-Pacific Economic Cooperation or Apec TIN also being proposed by Manila in the trans-Pacific grouping.

During the meeting, Southeast Asia’s finance ministers and central bank governors also committed to “strengthen economic growth and promote financial stability in the Asean region, amid uncertainties in the external environment.”

They noted that Asean’s economy grew by 4.4 percent last year despite global challenges, as “[d]omestic demand in our economies has remained resilient, supported mainly by private consumption.”