BRICS Summit in Xiamen highlight: Exchange of tax information
Leaders of the BRICS’ nations - Brazil, Russia, India, China and South Africa, have gathered on 3-5 September in the Chinese city in Xiamen for their ninth annual summit. In addition, as a part of “BRICS Plus” concept, leaders of Egypt, Guinea, Mexico, Tajikistan and Thailand have also attended the conference.
The summit’s discussions focused on renewable energy initiatives, security, as well as an alternative credit rating agency led by BRICS countries that would cater for the needs of emerging countries and may challenge the Western credit rating agencies.
The summit was closed with an agreement on supporting each other in the fight against cross-border tax evasion and enhancing tax transparency.
The Xiamen declaration said " We reaffirm our commitment to achieving a fair and modern global tax system and promoting a more equitable, pro-growth and efficient international tax environment, including to deepening cooperation on addressing 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".
Earlier in July tax authorities of the BRICS countries pledged to implement the common reporting standard (CRS) and to start financial account information exchange before September 2018. This was the first BRICS’ document that elevated enhancement of tax transparency between the members to the institutional level.