BRICS Cooperation Agreement
International Tax Review is part of the Delinian Group, Delinian Limited, 4 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2024

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

BRICS Cooperation Agreement

Governments

BRICS Cooperation Agreement

On the face of it, taxpayers should have been afraid, very afraid, of the meeting that took place in Delhi in January this year between the heads of the revenue departments in Brazil, Russia, India, China and South Africa (collectively termed the BRICS). The meeting saw the five committing to sharing best practices, helping with each other with capacity building and anti-avoidance measures, identifying non-compliance activities and implementing effective exchange of information.

Where will this cooperation go from here? Already, some of these jurisdictions, such as Brazil, India and China have different views to the 34 member states of the OECD on transfer pricing. Brazil, for example, sets fixed margins rather than applies a hierarchy of methods and China is pushing the ideas of location savings and location specific advantages as being important when taxpayers set their prices.

The last thing taxpayers will want is for these five jurisdictions to break away from or ignore OECD-led negotiations on international tax guidelines, and follow their own path. Or even different countries within the group to have their own refinements.

Along with other non-members, the five have been included in the discussions on base erosion and profit shifting which the OECD is running at the behest of the G20. However, it will be up to national governments if they want to implement anything that comes out of those talks. The approach of the BRICS will be followed with much interest.

The Global Tax 50 2013

« Previous

David Bradbury

View the complete list

Next »

Richard Brooks

more across site & bottom lb ros

More from across our site

Jeremy Brown arrives at the firm after a near 16-year career with Deloitte
PwC could elect a woman into the senior leadership position for the first time; in other news, KPMG Australia has extended its CEO’s term
The Senate report into PwC’s scandal is titled ‘The cover up worsens the crime’
Law firms that are conscious of their role in society are more likely to win work, according to a survey of over 23,000 in-house professionals
The firm’s tax business generated a quarter of HLB’s overall revenues in 2023
While successful pillar two implementation will require collaboration across all units, a combination of internal and external tax advice is at the centre of the effort
Binance has also been accused of manipulating foreign exchange rates via currency speculation and rate-fixing
Six individuals should have raised questions over information they received but did not breach professional standards, according to the firm
The partnership of KPMG UK has installed Holt for a second term as CEO and senior partner; in other news, a Baker McKenzie partner has sued the IRS
HSBC has settled a claim originally worth £240m relating to a failed film tax relief scheme without admitting liability or wrongdoing
Gift this article