• The BRICS Taxation Cooperation Memorandum, signed at the fifth meeting of BRICS Heads of Tax Authorities, is the blocs first document that elevates taxation cooperation to the institutional level.
• The authorities also agreed to cooperate on taxation information exchange, improve consultation procedures efficiency, boost taxation capacities and plan paths for coordination of taxation policies and tax collection.
Points to remember:-
• BRICS was established in 2006.
• It is an association of five major emerging national economies- Brazil, Russia, India, China and South Africa.
• The BRIC grouping's first formal summit, also held in Yekaterinburg, commenced on 16 June 2009.
• It became BRICS after South Africa joined it in 2010.