Heads of revenue of the BRICS countries – Brazil, Russia, India, China, and South Africa – at a meeting held December 5–6 in Mumbai, expressed support for measures to combat tax avoidance advanced in OECD/G20 base erosion and profit shifting (BEPS) plan.
In a communique following their meeting, the countries urged timely and consistent implementation of the BEPS plan and urged all countries to join the inclusive framework on BEPS. The inclusive framework is group of about 90 countries that have pledged to adopt and promote the worldwide implementation of the BEPS minimum standards.
The BRICS countries also agreed to continue to share experiences and best practices in combating base erosion and profit shifting and to continue to work toward a common approach to solve these issues
The countries expressed support for tax transparency initiatives, including automatic exchange of information. They said they welcomed the recent deeper engagement of developing countries in international tax work, including through the inclusive framework.