BRICS nations today pledged to share tax information automatically and adopt global standards on tax transparency to check cross border tax evasion. <br/><br/>In the two day meet in Mumbai, the heads of revenue of Brazil, Russia, India, China and South Africa held discussions on potential areas of cooperation and exchange of opinions and views on issues of common interest.<br/><br/>According to an official statement, BRICS nations resolved to start exchanging information automatically with each other by 2018 and also support other developing nations in increasing their tax administrations capacity to implement the Organisation for Economic Co-operation and Development standard on Automatic Exchange of Information.<br/><br/>BRICS nations expressed deep concern with the process of erosion of the tax base by aggressive tax practices. They urged timely and consistent implementation of the Base Erosion and Profit Shifting Project across as many tax jurisdictions as possible.