This report reflects upon TIWB's accomplishments and activities over the period from July 2022 to December 2023. During this timeframe, countries have faced multiple interrelated challenges, including climate change and the impacts of conflict, in addition to high inflation (particularly in energy and food). Meanwhile, illicit financial flows associated with corruption, illegal trade, and money laundering, have constrained countries’ fiscal space, which was already substantially reduced by the impact of COVID-19 on public finances. Developing economies face tremendous challenges servicing their debt and addressing deficits while maintaining their investments in development.

Chapter 1 describes TIWB in the evolving international taxation and development context. Chapter 2 discusses TIWB programmes and operations. Chapter 3 provides information on current and future areas of TIWB technical assistance. Chapter 4 highlights results obtained over the past year. Chapter 5 describes TIWB participation at international events and the initiative’s communication efforts. Finally, Chapter 6 sets out the work plan for the year and provides an overview of the previous year’s objectives and performance.