The release of the so-called Panama Papers has highlighted the vast and many deficiencies in the tax and regulatory systems in many rich countries. Developing countries, including those in Asia, are also struggling to strengthen their tax systems—and counter tax evasion—but here the stakes are even higher because without higher revenues, governments can’t pay for fundamental needs like basic infrastructure to keep their economies ticking, build schools and hospitals, or fund social security systems needed as populations age. It is also about designing a tax system that matches society’s views on reducing inequality and promotes inclusiveness, good governance, investments, job creation, and social justice. According to a December 2015 report by Global Financial Integrity, Asia accounted for 38.8% of the estimated $7.8 trillion that developing countries lost due to illicit financial outflows in 2004-2013... — Blogs.adb.org/blog