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BRICS Countries Reaffirm Commitment to BEPS Measures and Information Exchange

08 December 2016

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Approved Changes

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Brazil-Russia-India-China-South Africa

On 6 December 2016, India's Ministry of Finance published a joint communiqué issued at the end of the two-day meeting of officials from the BRICS countries (Brazil, Russia, India, China, and South Africa). The joint communiqué reaffirms the BRICS countries' commitment to: The measures included in the various Actions of the BEPS Project and in particular the four minimum standards: Countering harmful tax practices (IP regimes/tax rulings exchange) (Action 5); Preventing treaty abuse (Action 6); Country-by-Country reporting (Action 13); and Dispute resolution (MAP) (Action 14); The automatic exchange of financial account information under the OECD Common Reporting Standard (CRS) by...