MOU ON TAX MATTERS BETWEEN INDIA AND BRICS COUNTRIES

Under the chairmanship of Prime Minister Shri Narendra Modi, the Union Cabinet has approved the signing of the Memorandum of Understanding (MoU) related to tax matters with the Revenue Departments of India and BRICS countries - Brazil, Russian Republic, China and South Africa.

Objective:

The objective of this MoU is to promote collaboration between the Revenue Departments of BRICS countries and cooperation in capacity building and knowledge sharing in international forums on common interests in tax matters. Under this, it is envisaged that regular discussions have been planned to discuss common interest areas between the heads of Revenue Departments of BRICS countries, so that exchange of ideas while organising a meeting of tax experts to discuss contemporary issues in the field of international taxation. In addition, this MoU supports can be provided with the privacy and security of the exchange of information under this MoU.

Effect:

This MOU will encourage effective cooperation in tax matters. The collective approach of BRICS countries is not only being beneficial for these countries, but other developing countries too can also get the benefits in the long run.

Background:

Revenue Chiefs of BRICS countries have been meeting regularly for the discussion on possible areas of cooperation in key taxation cases and exchange of ideas based on the commitment to openness, solidarity, equality, mutual understanding, inclusive and mutually beneficial cooperation. mentioned in the Goa Declaration, issued on October 16, 2016. BRICS countries have identified four areas of mutual interest where mutual understanding and cooperation can be strengthened. The Revenue Chiefs of BRICS countries had held their meeting during the FTA conference held in Beijing in May 2016 in which it was decided to sign a MoU in these areas of cooperation.

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Compiled & Edited by:

Gaurav Gupta & Komal Garg

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