Tax Heads of BRICS met through Video Conference

On May 29, 2020, the Heads of Tax authorities of BRICS met through video conference. The Conference was hosted by Russia.

Highlights

The meeting was attended by the Heads of Tax Authorities of Russia, Brazil, India, China and South Africa. The meeting was hosted by the current Presidency, Russia. India was represented by the Finance Secretary Dr Ajay Bhushan Pandey.

India at the meet

India shared several measures that are being taken to mitigate the effect of COVID-19. India also announced that it is extending its complete support in addressing tax challenges at the OECD and G-20.

Similarly, the other tax heads shared their measures in terms of tax administration.

BRICS

BRICS members are known for their influence in regional affairs. They are all members of G20 as well. The BRICS countries represent over 41% of world population. As of 2018, the countries contributed to 23.2% of world GDP. Therefore, every decision taken in the BRICS meet influences the a quarter of global trade.

Month: Current Affairs - May, 2020