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Meeting of the BRICS Heads of Revenue and Experts on Tax Matters at Mumbai

News and Press Release - Dated:- 6-12-2016 - Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 06 December, 2016. PRESS RELEASE Sub : The Heads of Revenue of the BRICS countries, namely the Federative 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 5th & 6th December, 2016 in Mumbai to discuss the potential areas of cooperation and exchange .....

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le of United Nations in becoming the voice of developing and emerging economies in setting international tax rules. The Heads of Revenue also issued a joint communiqué at the end of the meeting that expressed their continued support to all international initiatives towards reaching a globally fair and universally transparent tax system. They reiterated their commitment to actions taken to ensure the fairness of the international tax system particularly towards prevention of base erosion a .....

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Africa held a meeting on December5th and 6th, 2016 in Mumbai to discuss the potential areas of cooperation and exchange opinions and views based on our existing commitment to openness, solidarity, equality, mutual understanding, inclusiveness and mutually beneficial cooperation, as stated in the Goa Declaration issued on October 16, 2016. We will continue our support to all international initiatives towards reaching a globally fair and universally transparent tax system. In this regard we reiter .....

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ed withthe process of erosion of the tax base by aggressive tax practices including incomplete disclosure of information, and reaffirm our resolve to work together to address these concerns. We acknowledge our common understanding that profits should be taxed in those jurisdictions where the activities deriving those profits are performed and where value is created. In this regard we welcome the measures outlined in the various action points of the Base Erosion and Profit Shifting (BEPS) Project .....

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share best practices in combating base erosion and profit shifting. We are aware of the challenges thrown by cross border activities and once again reaffirm our commitment to support such international initiatives aimed at intensifying international cooperation and enhancing tax transparency. In this regard we agree to regularly exchange relevant information concerning the BEPS Action Plan and to keep working towards a common approach to these issues. Implementing the Automatic Exchange of Infor .....

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We confirm our previously agreed commitment to implement the Common Reporting Standard and begin exchanging information automatically with each other by 2018 at the latest. We call upon those countries that have not yet signed and ratified the Multilateral Convention on Mutual Administrative Assistance in Tax Matters to do so. We welcome the proposal made for the development of objective criteria to identify non-cooperative tax jurisdictions with respect to tax transparency. We reaffirm our reso .....

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