SME Times is powered by   
Search News
Just in:   • 1,500 delegates to participate in Global Entrepreneurship Summit  • Travel Tech Startup TRAVELSPICE Expands Use of Microsoft Azure  • CENTRESTAGE to showcase budding designers from 6-9 Sep  • SC directs police to furnish details of Unitech flat buyer numbers  • NAFTA deadlock: US, Canada, Mexico kick off renegotiations 
Last updated: 20 Jul, 2017  

Modi.9.Thmb.jpg Govt clears tax MoC with BRICS countries

brics-flag001.jpg
   Top Stories
» Fall in exports of perishable goods prods govt to explore water transport
» Govt bans exports of gold items above 22 carats
» India-Sweden MoU on IPRs to benefit SMEs: Govt
» Relief to SMEs as govt extends GST exemption for NE, hilly states
» 'Japan may announce new comprehensive package for India'
SME Times News Bureau | 20 Jul, 2017
The Union Cabinet chaired by the Prime Minister Narendra Modi has given the approval for the signing of Memorandum of Cooperation (MoC) in respect of tax matters between India and the Revenue administrations of BRICS countries namely, Brazil, Russian Federation, China and South Africa, said an official statement on Wednesday In New Delhi

"The objective of MoC is to further promote cooperation amongst 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. It envisages regular interaction amongst the heads of Revenue administration of BRICS countries to continue discussion on common areas of interest and strive towards convergence of views and meeting of the experts on tax matters to discuss the contemporary issues in areas of international tax," said statement.

In addition, the MoC accords confidentiality and protection to information exchanged under this MoC.

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.

The Heads of Revenue of the BRICS countries have been meeting regularly to discuss the potential areas of cooperation in tax matters and to exchange opinions and views based on the existing commitment to openness, solidarity, equality, mutual understanding, inclusiveness and mutually beneficial cooperation, as stated in the Goa Declaration issued on October 16, 2016.

The BRICS countries have identified four areas of mutual interest on which understanding and cooperation can be further strengthened.

The heads of Revenue of BRICS countries in their meeting held on the sidelines of FTA plenary at Beijing, China in May, 2016 decided to sign a MoC outlining these areas of cooperation. (Source: PIB)
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
65.65
63.95
UK Pound
85.35
82.50
Euro
74.65
72.25
Japanese Yen 58.30 56.35
As on 18 Aug, 2017
  Daily Poll
Is GST affecting exports negatively?
 Yes
 No
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(10)
» PM's I-Day speech: Govt eases way for small businesses(7)
» Economic Survey: Volume-2(4)
» List of items for which anti dumping duties has been levied with related notifications(2)
» NSDC, Haryana govt organised placement drive for 12th pass(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter