BRICS Countries Announced to Plug Evasion

The leaders of Brazil, Russia, India, China and South Africa met at the ninth BRICS Summit and jointly issued the BRICS Leaders' Xiamen Declaration. The declaration discussed international and regional issues of common concern, including facilitating tax cooperation to plug evasion and provide technical assistance regarding tax governance.

Tax Cooperation for a Fair Tax Environment

The five countries reaffirmed their commitment to achieving a fair and modern global tax system to “promote a more equitable, pro-growth and efficient international tax environment, including to deepening cooperation on addressing Base Erosion and Profit Shifting (BEPS)”. Under this goal, more efforts are expected to promote the tax information exchange and improve capacity-building in developing countries. Tax cooperation among BRICS members is to be strengthened to boost BRICS contribution to setting international tax rules. Other developing countries will be provided with effective and sustainable technical assistance based on each country’s priorities. Two documents are adopted as the outcome of the summit, namely Communique of BRICS Heads of Tax Authorities Meeting and BRICS Memorandum of Cooperation in Respect of Tax Matters.

Further Cooperation

The leaders drew satisfaction from the many fruitful results of the cooperation, including establishing the New Development Bank (NDB) and the Contingent Reserve Arrangement. Further cooperation of the BRICS members covers the field of improving global economic governance to foster a more just and equitable international economic order, improving regional peace and stability, protect cultural diversity and promote people-to-people exchanges.

Sources:  BRICS Leaders Xiamen Declaration, NDTV, News18

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