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BRICS set to expand use of national currencies in mutual trade

July 09, 2015, 17:45 UTC+3 UFA

BRICS countries have confirmed their adherence to developing international standards in tax sphere

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UFA, July 9. /TASS/. BRICS countries (Brazil, Russia, India, China and South Africa) has a potential for expanding the use of national currencies in their transactions, says the declaration adopted upon results of the association’s summit held in the Russian city of Ufa on Thursday.

"We acknowledge the potential for expanding the use of our national currencies in transactions between the BRICS countries," the document reads. "We ask the relevant authorities of the BRICS countries to continue discussion on the feasibility of a wider use of national currencies in mutual trade."

BRICS countries have confirmed their adherence to developing international standards in tax sphere.

"The BRICS countries reaffirm their commitment to participate in the development of international standards of international taxation and cooperation for countering the erosion of tax base and profit shifting, as well as to strengthen mechanisms for ensuring tax transparency and to exchange information for taxation purposes," the declaration says. "We remain deeply concerned about the negative impact of tax evasion, harmful practices, and aggressive tax planning which cause erosion of tax base. Profits should be taxed where the economic activities driving the profits are performed and value is created."

"We reaffirm our commitment to continue to cooperate in relevant international fora on issues related to the G20/OECD BEPS Action Plan and AEOI. We are engaged in assisting developing countries to strengthen their tax administration capacity, and to promote a deeper engagement of developing countries in the BEPS project and the exchange of tax information. The BRICS countries will share knowledge and best practices in taxation," it reads.

Along with this, the BRICS countries agreed to continue joint work aimed at improving the competition policy.

"We will continue our joint efforts aimed at improving competition policy and enforcement," the declaration says. "As important emerging markets and developing countries, BRICS are faced with many similar problems and challenges in terms of economic development and fair competition. It is of significance to strengthen the coordination and cooperation among the BRICS competition agencies."

"Considering this, we attach great importance towards developing a mechanism preferably through a joint MoU among the BRICS countries to study the issues of competition with a special focus on socially important economic sectors," it said. "The proposed mechanism may facilitate cooperation in competition law and enforcement.".

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