BRICS nation’s sign Taxation Cooperation Memorandum

Dr. Priya Kalyanasundaram | Head of Department

Sankara Institute of Management Science(SIMS)

Tax authorities of the BRICS- Brazil, Russia, India, China and South Africa have signed BRICS Taxation Cooperation Memorandum to establish a mechanism for taxation cooperation. The landmark document is the bloc’s first document that elevates taxation cooperation to the institutional level. It was signed at the fifth meeting of BRICS Heads of Tax Authorities. Key Facts The BRICS countries are home to 42% of the world’s population. Their total share in the global economy has risen from 12% to 23% in the past decade, while contributing more than half of global growth. The meeting of tax authorities comes ahead of the 2017 BRICS Summit to be held in Xiamen, Fujian province of China in September 2017. In this meeting, tax authorities from member countries also agreed to cooperate on taxation information exchange, boost taxation capacities, improve consultation procedures efficiency and plan paths for coordination of taxation policies and tax collection

BRICS countries-Brazil, Russia, India, China, South Africa have agreed to work together to ensure stable employment and better quality of life for their people. Decision in this regard was taken at the 2017 Labour and Employment Ministers’ meeting held in Chongqing, China. The meeting comes ahead of 2017 BRICS Summit to be held in Xiamen, China in September 2017. Key Highlights of meeting Labour and Employment Ministers from BRICS counters discussed topics ranging from skills-driven development to a universally sustainable social security system. They passed BRICS Labour and Employment Ministerial Declaration. It covers a variety of areas that are of critical importance to all BRICS countries including India and called upon strengthening collaboration and cooperation on these through appropriate institutionalization. These areas covered under the declaration consist of Governance in the Future of Work, Universal and sustainable social security systems, Skills for development in BRICS, BRICS Social Security Cooperation Framework, BRICS Network of Labour Research Institutions and BRICS entrepreneurship research. They also presented four documents, including one on common ground in labour market governance and an action plan on skills-driven poverty alleviation. They also held that they should work together to boost employment and inclusive growth, enhancing the skills of professionals to alleviate poverty. BIRCS BRICS is the acronym for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa. The BRICS members are all developing or newly industrialized countries and all five are G-20 members. They are distinguished by their large, fast-growing economies and significant influence on regional and global affairs. It was established in 2009. The BRIC idea was first conceived by Jim O’Neill of Goldman Sachs. In 2011, South Africa joined this informal group and BRIC became BRICS. So far, eight BRICS summits have taken place. The first formal summit was held in Yekaterinburg, Russia in 2009.