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BRICS Summit Ends With Tax Commitment

by Mary Swire, Tax-News.com, Hong Kong

07 September 2017


The BRICS countries – Brazil, China, Russia, India, and South Africa – closed out a recent summit with an agreement on supporting one another, and developing nations, with tackling tax evasion and plugging opportunities for tax avoidance.

The leaders had gathered in the Chinese city of Xiamen for the annual BRICS summit on September 4-5, 2017.

In a communique following their meeting, the leaders said: "We reaffirm our commitment to achieving a fair and modern global tax system and promoting a more equitable, pro-growth, and efficient international tax environment, including to deepening cooperation on addressing base erosion and profit shifting (BEPS), promoting exchange of tax information, and improving capacity-building in developing countries."

"We will strengthen BRICS tax cooperation to increase BRICS contribution to setting international tax rules and provide, according to each country's priorities, effective and sustainable technical assistance to other developing countries," said the statement.

It was confirmed at an earlier summit that the nations plan to implement a financial information exchange system by September 2018 to combat cross-border tax evasion.

TAGS: Russia | South Africa | environment | Finance | tax | India | China | Brazil | trade | Africa | BEPS

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