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BRICS nations to share tax information automatically to eliminate tax evasion

A Joint Communique was issued at the conclusion of the two-day BRICS meeting of Revenue heads and Tax experts at Mumbai, India.
●    The meeting was held from 5-6 December 2016 with the primary objective of discussing potential areas of cooperation in tax matters and to initiate an exchange of ideas, opinions, relevant knowledge and experience regarding the same.
●    It was attended by the Revenue heads of all BRICS countries including Brazil, Russia, India, China and South Africa.
●    All heads vowed to continue their support to all actions and international initiatives taken towards achieving a universally transparent tax system.
●    They also reasserted their commitment towards actions taken to ensure fairness of the same system, especially in the case of prevention of base erosion, shifting of profits, and exchange of tax information and capacity building of the developing countries.

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