A Joint Communique was also issued at the conclusion of the two-day BRICS meeting of Revenue heads and Tax experts at Mumbai, India. The meeting was held from 5-6 December 2016.
Its primary objective was to discuss potential areas of cooperation in tax matters. It aimed to initiate an exchange of ideas, opinions, relevant knowledge and experience regarding the same.
All heads vowed to continue their support to all actions and international initiatives taken towards achieving a universally transparent tax system.
They also reasserted their commitment towards actions taken to ensure fairness of the same system, especially in the case of prevention of base erosion, shifting of profits, and exchange of tax information and capacity building of the developing countries.
The leaders expressed extra concern on the process of erosion of the tax base due to aggressive tax practices including incomplete disclosure of information and committed to eliminate the concern by working in solidarity with each other.
They reaffirmed their support for the global Common Reporting Standard for automatic exchange of information and set 2018 as the deadline for its implementation.
The heads jointly declared their continued commitment towards the promotion of closer cooperation on issues of mutual concern and interest.
