BRICS countries reaffirmed their commitment to eliminate base erosion and profit shifting with all member countries agreeing that profits should be taxed in those jurisdictions where the activities deriving those profits are performed and where value is created. The representatives, in a statement on Tuesday following a meeting, also reiterated their endorsement for the global Common Reporting Standard for Automatic Exchange of Information on a reciprocal basis to prevent cross-border tax evasion. “We resolve to exchange information, both on request and on automatic basis and to adopt global standards on tax transparency,” the statement said.— Special Correspondent
