BRICS should cooperate to modify international tax standards : Chidambaram

Last Updated: Thu, Jan 17, 2013 15:10 hrs

New Delhi, Jan 17 (IANS) Finance Minister P. Chidambaram Thursday urged the BRICS countries to be more proactive in modifying existing standards on international taxation and transfer pricing to safeguard their tax revenue interests.

Inaugurating the meeting here of revenue department heads of the five BRICS (Brazil, Russia, India, China and South Africa) countries, Chidambaram emphasised the need for greater cooperation among them in the area of tax administration.

According to an official statement, Chidambaram reiterated the Indian government's commitment to a stable tax regime, moderate tax rates, non- adversarial tax administration and a fair mechanism for dispute resolution.

During the two day meeting, the participants are likely to deliberate on issues of mutual concerns related to tax administration including those relating to international taxation, transfer pricing, cross border tax evasion and avoidance, and tax dispute resolution mechanisms.

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