BRICS nations today pledged to share tax information automatically and adopt global standards on tax transparency to check cross border tax evasion.

The Heads of Revenue of the BRICS countries – the Federative Republic of Brazil, the Russian Federation, the Republic of India, the People’s Republic of China and the Republic of South Africa – met on December 5-6 in Mumbai, India to discuss the potential areas of cooperation and exchange opinions and views based on their existing commitment to openness, solidarity, equality, mutual understanding, inclusiveness and mutually beneficial cooperation.

The Heads also resolved to support other developing nations in increasing their tax administrations’ capacity to implement the OECD/G20 standard on Automatic Exchange of Information (AEOI). And, urged timely and consistent implementation of the Base Erosion and Profit Shifting Project across as many tax jurisdictions as possible.

The Heads of Revenue 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.

[Government of India, Ministry of Finance Release and Communique ](