Dhaka, Sept. 18 -- The Asian Development Bank (ADB) will set up a 'regional hub' to facilitate achieving higher tax base in its member countries amid the impact of the Covid-19 pandemic when many of the economies are struggling with lower internal resources.

The ADB will help its 68 members in the Asia-Pacific (APAC) region to share knowledge and strengthen cooperation on tax policy and tax administration, the Manila-based lender said on Thursday.

The decision was taken on the first day of the ongoing two-daylong 53rd annual meeting of the ADB. Since many of the economies could not achieve a minimum tax yield of 15 per cent of GDP (gross domestic product) even before the pandemic, upgrading the internal resources mobilization system is ...