FM flags significance of Brics tax push
New Delhi The effort by BRICS countries effort to find common ground on international taxation is significant at a time when tax-related rules are being renegotiated around the world, finance minister Nirmala Sitharaman said
Finance Minister Nirmala Sitharaman emphasized the importance of BRICS' push for common ground on international taxation, stating that the bloc's decisions will play a significant role in multilateral negotiations. The BRICS group, comprising 11 member countries and 10 partners, is committed to a fair, inclusive, stable, and efficient international tax system.
This commitment was reaffirmed during the recent BRICS Summit chaired by India, where the countries resolved to strengthen cooperation in addressing international tax challenges. BRICS has established two working groups - one focusing on International Taxation and Transfer Pricing, and the other on Revenue Statistics. The minister highlighted three focus areas for the BRICS tax track this year: technology, administration, and people.
India has shared its experiences with BRICS partners, such as faceless assessment, pre-filled returns, real-time invoice authentication, and AI-enabled taxpayer assistance. The upcoming Tuesday meeting will focus on scoping documents for these new working groups.
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