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BRICS countries vow to combat tax evasion with information exchange

India, China and three other members of the BRICS grouping today pledged to exchange tax information to address the problem of tax evasion and provide technical assistance to other developing countries

Reported by: PTI, Xiamen (China) [Published on:04 Sep 2017, 3:37 PM IST]
BRICS countries vow to combat tax evasion with information
BRICS countries vow to combat tax evasion with information exchange

India, China and three other members of the BRICS grouping today pledged to exchange tax information to address the problem of tax evasion and provide technical assistance to other developing countries.

In the Xiamen Declaration issued at the end of the BRICS Summit's plenary session, the influential grouping --comprising Brazil, Russia, India, China and South Africa --reaffirmed their commitment to "achieving a fair and modern global tax system".

The declaration said the members nations will work for promoting a more equitable, pro-growth and efficient international tax environment, deepening cooperation to address Base Erosion and Profit Shifting (BEPS), promoting exchange of tax information and improving capacity-building in developing countries.

"We will strengthen BRICS tax cooperation to increase BRICS contribution to setting international tax rules and provide, according to each country's priorities, effective and sustainable technical assistance to other developing countries," it said.

The members drew satisfaction from the many fruitful results of BRICS cooperation, including establishing the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA).

"We will enhance communication and coordination in improving global economic governance to foster a more just and equitable international economic order," the declaration said.

The members resolved to foster a global economic governance architecture that is more effective and reflective of current global economic landscape, increasing the voice and representation of emerging markets and developing economies.

"We reaffirm our commitment to conclude the IMF's 15th General Review of Quotas, including a new quota formula, by the 2019 Spring Meetings and no later than the 2019 Annual Meetings," they said.

BRICS members also said they will continue to promote the implementation of the World Bank Group Shareholding Review.

The countries also reaffirmed their commitments to the implementation of the outcomes of G20 summits, including the Hamburg Summit and the Hangzhou Summit.

They emphasised on the importance of an open and inclusive world economy enabling all countries and peoples to share in the benefits of globalisation.

"We remain firmly committed to a rules-based, transparent, non-discriminatory, open and inclusive multilateral trading system as embodied in the WTO," the declaration stated.