Brazil, Russia, India, China and South African (BRICS) tax authorities have now agreed to improve their teamwork on global tax matters. The conference of the BRICS Heads of Revenue and Tax Experts was held at Hangzhou in China from the 25th to the 27th of July.
And so, the countries will now put into action a financial account information exchange system before September 2018, as stated under the BRICS Taxation Cooperation Memorandum.
The members also saluted India’s recent GST indirect tax reform. Since the Indian Independence in 1947, India launched the biggest indirect tax reform, the Goods & Services Tax (GST) on the 1st of July 2017. It includes 17 various duties and has remodelled India into a single market for the smooth movement of goods & services.
The Memorandum of Cooperation (MoC) regarding cooperation on tax matters involves capacity building, organisation and coordination in global forums, sharing of expertise and consistent interaction with the other countries.