Heads of the revenue of brics countries identifies seven areas of tax policy and tax administration for extending their mutual cooperation; joint communique issued after two day meeting of the heads of revenue of brics countries

Affirming their continued commitment to promote closer coordination and cooperation in the area of tax administration, the Heads of the Revenue of the BRICS Countries i.e. Brazil, Russia, India, China and South Africa, identified seven areas of tax policy and tax administration, for extending their mutual cooperation.

It was agreed to extend the cooperation on the following issues of tax policy and tax administration:

(i)  Contribute to development of International Standards on International Taxation and Transfer Pricing taking into account the aspirations of developing countries in general and BRICS Countries in particular

(ii)  Strengthening the enforcement processes by taking appropriate actions for non-compliance and putting more resources on international cooperation

(iii)  Sharing of anti-tax evasion and non-compliance practices, including abuse of treaty benefits and shifting of profits by way of complex multi-layered structures

(iv) Development of a BRICS mechanism to facilitate countering abusive tax avoidance transactions, arrangements, shelters and schemes

To view the full notification, please follow the link

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