The meeting of the Heads of Tax Authorities of the BRICS countries, namely Brazil, Russia, India, China and South Africa was held on 29 May. The meeting was hosted by the Federal Tax Service of Russia, which currently holds the BRICS Presidency, to discuss the response of BRICS Tax Authorities to the COVID-19 pandemic and to explore potential areas of cooperation in tax matters.
The meeting was scheduled to be held in Moscow, but was held through video conference in view of COVID-19. Finance Secretary Ajay Bhushan Pandey represented India at the meeting. The Finance Secretary, while extending India’s support to the ongoing work in Organisation for Economic Cooperation and Development and G-20 project on addressing tax challenges posed by digitalization, underlined the need to ensure that the new tax rules are fair and simple.
Important takeaways for all competitive exams:
- Members of the BRICS: Brazil, Russia, India, China and South Africa.