Collaboration in Improving VAT Administration Discussed at BRICS Working Group Meeting

• Cooperation in improving VAT administration was discussed at a meeting of the working group of BRICS countries
• The focus was on combating the shadow economy and enhancing the service component in VAT administration
• The goal is real-time VAT calculation and transparency in financial transactions to combat fraud
• Iranian colleagues shared their experience in implementing VAT in their country
• A maturity model for VAT administration was presented, with levels ranging from paper-based to real-time tax administration
• The project aims to develop guidelines for expanding capabilities and global cooperation in VAT modernization
• The three-year project will result in an ecosystem description, a summary report of best practices, and a roadmap for VAT modernization in BRICS countries.

Source: nalog.gov.ru

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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