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It's been said taxes are the price we pay for a civilized society. Without taxes governments simply don't have the resources to pay for the public goods and services that everyone depends on. Despite Asia's stellar progress in reducing poverty and improving living standards, governments across the region often struggle to generate sufficient revenue. Consequently, many countries in the region spend comparatively little on public education, healthcare, and social protection.
Spending shortfalls in these areas were vividly illustrated by the severe impact of the COVID-19 pandemic, evident in strained education infrastructure, overflowing hospitals, and limited financial assistance to the poor.
All of these problems can ultimately be traced back to insufficient taxes and fiscal resources. Change is needed if the region is to achieve its potential. For example, it is estimated trillions of dollars in additional spending are needed to achieve the Sustainable Development Goals (SDGs) by 2030. - blog.adb.org/blogs
A version of this article appears in the print on April 8, 2022, of The Himalayan Times.
