BRICS Countries Enhance Tax Cooperation

On December 5-6, BRICS Heads of Revenue and Experts on Tax Matters held a meeting in Mumbai during which they enhanced their mutual cooperation in international taxation and their efforts to combat BEPS. The countries reaffirmed their support for the automatic exchange of information and will begin exchanging by 2018 at the latest.

Combating Base Erosion and Profit Shifting

In the Communiqué of BRICS Heads of Revenue Meeting, the countries expressed deep concern with the process of erosion of the tax base by aggressive tax practices including incomplete disclosure of information. They reaffirm their cooperation to address these concerns and urge the timely and consistent implementation of the Base Erosion and Profit Shifting (BEPS) Project.

Implementing The Automatic Exchange Of Information

The countries said they will begin exchanging information automatically with each other by 2018 at the latest and called upon those countries that have not yet signed and ratified the Multilateral Convention on Mutual Administrative Assistance in Tax Matters to do so.

Tax Cooperation And Building Capacity

The countries encourage deeper engagement of developing countries in the international tax cooperation and commit to work closely with developing countries to facilitate and deepen their involvement as well as to share best practices. BRICS countries also recognize the importance of the economic and commercial links between Brazil, Russia, India, China and South Africa and will work together towards developing a framework of cooperation between their administrations to contribute to the economic growth of the BRICS countries.

Sources: Ministry of Finance India - Press Release



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