The Cabinet today approved signing of a memorandum of cooperation (MoC) related to tax matters of India and other BRICS countries.
The heads of Revenue of BRICS countries in their meeting held on the sidelines of FTA plenary at Beijing, China, in May, 2016 had decided to sign an MoC outlining these areas of cooperation.
"The MoC aims to further promote cooperation amongst the BRICS Revenue administrations in international forum on common areas of interest in tax matters and in the area of capacity building and knowledge sharing," an official release said.
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It envisages regular interaction amongst BRICS countries to continue discussion on common areas of interest and strive towards convergence of views and meeting of the Experts on tax matters to discuss the contemporary issues in areas of international tax.
In addition, the MoC accords confidentiality and protection to information exchanged.
"The MoC will stimulate effective cooperation in tax matters. The collective stand of BRICS countries can prove to be beneficial not only to these countries but also to other developing countries in the long run in tax matters being steered by the G20," the release added.
The heads of revenue have been meeting to discuss the potential areas of cooperation in tax matters and to exchange opinions and views based on the existing commitment to openness, solidarity, equality, mutual understanding, inclusiveness and mutually beneficial cooperation, as stated in the Goa Declaration issued on October 16, 2016, it said.
The BRICS members have identified four areas of mutual interest on which understanding and cooperation can be further strengthened.
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