Tax authorities of the BRICS- Brazil, Russia, India, China and South Africa have signed BRICS Taxation Cooperation Memorandum to establish a mechanism for taxation cooperation.
The landmark document is the bloc’s first document that elevates taxation cooperation to the institutional level. It was signed at the fifth meeting of BRICS Heads of Tax Authorities.
The BRICS countries are home to 42% of the world’s population. Their total share in the global economy has risen from 12% to 23% in the past decade, while contributing more than half of global growth.
The meeting of tax authorities comes ahead of the 2017 BRICS Summit to be held in Xiamen, Fujian province of China in September 2017. In this meeting, tax authorities from member countires also agreed to cooperate on taxation information exchange, boost taxation capacities, improve consultation procedures efficiency and plan paths for coordination of taxation policies and tax collection.