India, China and three other members of the BRICS grouping on Monday pledged to exchange tax information to address the problem of tax evasion and provide technical assistance to other developing countries.
In the Xiamen Declaration issued at the end of the BRICS Summit's plenary session, the influential grouping -- comprising Brazil, Russia, India, China and South Africa -- reaffirmed their commitment to "achieving a fair and modern global tax system".The declaration said the members nations will work for promoting a more equitable, pro-growth and efficient international tax environment, deepening cooperation to address Base Erosion and Profit Shifting (BEPS), promoting exchange of tax information and improving capacity-building in developing countries.
"We will strengthen BRICS tax cooperation to increase BRICS contribution to setting international tax rules and provide, according to each country's priorities, effective and sustainable technical assistance to other developing countries," it said.
The members drew satisfaction from the many fruitful results of BRICS cooperation, including establishing the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA).