NEW DELHI: The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved signing of a memorandum of cooperation (MOC) in respect of tax matters between India and the revenue administrations of the other BRICS countries.
"The MOC will stimulate effective cooperation in tax matters. The collective stand of BRICS countries can prove to be beneficial not only to these countries but also to other developing countries in the long run in tax matters being steered by the G20," an official statement said.
It aims at promoting cooperation among the BRICS revenue administrations in international forum on common areas of interest in tax matters and in the area of capacity building and knowledge sharing.
The BRICS countries have identified areas of mutual interest on which understanding and cooperation can be further strengthened.
The heads of revenue administrations of BRICS countries, in their meeting held on the sidelines of FTA plenary in Beijing in May 2016, had decided to sign a MoC outlining these areas of cooperation.
Apart from India, BRICS comprises Russia, China, South Africa and Brazil.