BRICS tax model needs to reflect reality: FM Nirmala Sitharaman
India will lead both working groups. The meeting also approved terms of reference of the BRICS Tax Support Network. Addressing the BRICS Heads of Tax Authorities meeting in New Delhi, Sitharaman said the proposed working groups would create a sustained platform for developing economies to address tax issues that have traditionally imposed higher administrative and capacity costs on them.
Finance Minister Nirmala Sitharaman highlighted the need for BRICS' tax model to accurately reflect the economic realities of developing countries during the BRICS Heads of Tax Authorities meeting in New Delhi. She emphasized that transfer pricing disputes and outdated tax frameworks disproportionately burden developing economies with higher administrative and capacity costs.
Sitharaman stressed that international tax rules are being renegotiated in various multilateral processes, and the perspectives of developing economies are crucial in these ongoing negotiations, including discussions on the UN Framework Convention on International Tax Cooperation. She highlighted the importance of two new BRICS working groups that will institutionalize cooperation on international taxation and revenue statistics, with India taking the lead in both initiatives.
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