Heads of the Revenue of Brics Countries Identifies Seven areas of tax policy and tax Administration for Extending their Mutual Cooperation; joint Communique issued after Two Day meeting of the heads of Revenue of Brics Countries

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.... i.e. Brazil, Russia, India, China and South Africa, identified seven areas of tax policy and tax administration, for extending their mutual cooperation. This was contained in the Joint Communique issued here today at the end of two day meeting of the Heads of Revenue of BRICS Countries. This mutual cooperation includes contribution to development of international standards on International Taxation and Transfer Pricing taking into account the aspirations of developing countries in general and BRICS Countries in particular. The other areas of cooperation are strengthening the enforcement processes, sharing of best practices and capacity building, sharing of anti-avoidance and non-compliance practices and promotion of effective exchange of i....

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....tax administrations on various issues of mutual interest and concerns. The communiqué recognizes the importance of the economic and commercial links amongst BRICS Countries and the need to contribute to the strengthening of these links. Following is the Joint Communique issued after the meeting of the Heads of the Revenue of BRICS Countries: Communiqué of BRICS Heads of Revenue Meeting Issued in New Delhi on 18th January, 2013 We, the Heads of Revenue of the Federal Republic of Brazil, the Russian Federation, the Republic of India, the People's Republic of China and the Republic of South Africa held a meeting on 17th and 18th January, 2013 at New Delhi to discuss the potential areas of cooperation based on our existin....

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....tions of developing countries in general and BRICS Countries in particular (ii) strengthening the enforcement processes by taking appropriate actions for non-compliance and putting more resources on international cooperation (iii) sharing of best practices and capacity building (iv) sharing of anti-tax evasion and non-compliance practices, including abuse of treaty benefits and shifting of profits by way of complex multi-layered structures (v) development of a BRICS mechanism to facilitate countering abusive tax avoidance transactions, arrangements, shelters and schemes (vi) promotion of effective exchange of information (vii) any other issues of common interests and concerns related to taxation. Confronting Non-Complia....