CURRENT AFFAIRS

Detailed explanation-1: -At the 53rd Annual Meeting of the ADB Board of Governors, ADB announces at the establishment of a regional hub to help developing member countries improve domestic resource mobilization and international tax cooperation.

Detailed explanation-2: -Notes: The Asian Development Bank (ADB) has launched an Asia Pacific Tax Hub. This will create an open platform to improve knowledge sharing, and strengthen coordination on tax policy among ADB, its members, and development partners.

Detailed explanation-3: -The UN Tax Committee, the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) and the Global Forum on Transparency and Exchange of Information for Tax Purposes are some of the key institutions which set multiple and overlapping inter- national tax standards.

Detailed explanation-4: -ADB also promotes private sector development, gender empowerment, regional integration, and knowledge services along with capacity development. To date, ADB has committed 589 public sector loans, grants, and technical assistance totaling $50.8 billion to India.