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Friday, 28 July 2017

BRICS nations sign memorandum to facilitate taxation cooperation


Tax authorities of the five BRICS countries have signed a landmark document to establish a mechanism for taxation cooperation. The BRICS Taxation Cooperation Memorandum, signed at the fifth meeting of BRICS Heads of Tax Authorities, is the bloc’s first document that elevates taxation cooperation to the institutional level.
The authorities also agreed to cooperate on taxation information exchange, improve consultation procedures efficiency, boost taxation capacities and plan paths for coordination of taxation policies and tax collection. The meeting comes ahead of the 2017 BRICS Summit to be held in Fujian province’s Xiamen city from September 3 to 5.

Important Takeaways from Above News-

  • The BRICS countries – Brazil, Russia, India, China and South Africa – are home to 42 per cent of the world’s population.
  • BRICS was established in 2006.
Source- AIR World Service

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