Leaders of the five BRICS nations – Brazil, Russia, India, China and South Africa – today agreed to enhance their cooperation to provide the BRICS countries with a greater say in international tax law standard setting.
The leaders also said that they would work together to combat tax avoidance, promote exchange of tax information, and assist developing nations improve the effectiveness of their tax administrations. The statements were made in a declaration during the ninth BRICS summit in Xiamen, held September 3–5.
The leaders also endorsed the BRICS Memorandum of Cooperation in Respect of Tax Matters, signed July 28 by the tax authorities of the five BRICS nations. The memorandum states that the nations will deepen collective work on international tax issues in international forums, such as the United Nations.
Further, the document provides that the nations agree to coordinate their response G20 international taxation work, including the implementation BEPS plan, and will enhance knowledge sharing regarding BEPS implementation and the standard for automatic exchange of information through exchanging experiences on best practices.
The memorandum also provides that the countries’ tax authorities will identify taxation areas where BRICS cooperation is sought and propose timetables for conducting work. Work plans for cooperative work will be agreed to at the annual meetings of the heads of BRICS revenue administrations.
Brazil, Russia, India, China created an association called BRIC or BRICs in 2010. The name of the group was changed in 2016 to BRICS when South Africa joined.