BRICS should work together on transfer pricing: Finance minister Nirmala Sitharaman

NEW DELHI: Finance minister Nirmala Sitharaman on Wednesday urged BRICS nations to share their experiences on treaty interpretation and multilateral negotiations in international taxation, saying global transfer pricing disputes "disproportionately" burden developing countries.India has proposed to set up two new working groups, International Taxation and Transfer Pricing and Revenue Statistics, at a time when international tax rules are being renegotiated, Sitharaman said, addressing the BRICS heads of tax authorities meeting here."The rules of international taxation are being renegotiated. There are several multilateral tax issues, including the UN Framework Convention on International Tax Cooperation, under active negotiation. The decisions made in these processes over the next few years will shape cross-border taxation for a generation."BRICS economies, as source jurisdictions, as large developing economies, as countries that have built significant domestic tax capacity from a low base, have a perspective on those negotiations that is essential to their fairness and their durability," Sitharaman said. AgenciesYou use AI every day. Now get your AI Quotient. Take the AIQ test.