BRICS nations sign memorandum to facilitate taxation cooperation
Tax authorities of the five BRICS nations signed a landmark document, the BRICS Taxation Cooperation Memorandum to establish a mechanism for taxation cooperation.
The 2017 BRICS Labour and Employment ministers meeting that concluded in Chongqing, China on 27 July 2017 saw the signing of the BRICS Taxation Cooperation Memorandum.
The document, signed by the Heads of Tax Authorities of the five BRICS Nations, aims to establish a mechanism for taxation cooperation and 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.
Besides this, all the five nations agreed to work together to ensure stable employment and better quality of life for their people.
The meeting comes ahead of the 2017 BRICS Summit, which is scheduled to be held in Xiamen, China from 3-5 September 2017.
• BRICS was established in 2009. It is an association of five major emerging national economies- Brazil, Russia, India, China and South Africa.
• Initially, the informal group conceived by Jim O’Neill of Goldman Sachs, comprised just four nations. It became BRICS after South Africa joined it in 2011.
• All BRICS members are either developing or newly industrialised countries. They are also members of the G-20 group.
• All the member nations are distinguished by their fast-growing economies and significant influence on regional and global affairs.
• The nations are home to 42 percent of the world's population. Their total share in the global economy has risen from 12-23 percent in the past decade, while contributing more than half of global growth.
• So far, eight BRICS summits have taken place. The first formal summit was held in Yekaterinburg, Russia in 2009.