Overview
- The BRICS tax heads meeting, which met on Wednesday, endorsed two permanent working groups: one on international taxation and transfer pricing and one on revenue statistics.
- The International Taxation and Transfer Pricing group will share experience on treaty interpretation, transfer pricing audits, advance pricing agreements and mutual agreement procedures.
- The Revenue Statistics group will build a framework to measure fiscal performance that reflects BRICS economies rather than relying on models made for advanced economies.
- India showcased digital tools such as faceless assessment, pre-filled returns, real-time invoice authentication and AI support to modernize audits and reduce transfer-pricing disputes.
- The working groups are meant to continue beyond India’s 2026 chairmanship with China taking the BRICS presidency in 2027 and will engage with the UN Framework Convention on International Tax Cooperation and other multilateral talks that could reshape taxing rights and revenue for member countries.