Brics and Developing Countries Legal Experts Forum: Emergence of International Coordination in Economic and Tax Law

Abstract

Article 5. The Decision of Tax Arbitration 1. The arbitration Panel shall hear the dispute within a period not exceeding 1 year from the date of its formation in accordance with the rules of procedure.2. The decision of the arbitration Panel shall be final and binding on the competent authorities of the Contracting states and the applicant. The decision of the arbitration Panel may be regarded as a precedent should the competent authorities of the Contracting states mutually express such an intention.3. The arbitration Panel's decision shall not apply if the judicial authority of one of the Contracting states participating in the dispute has made a final decision on the same subject and with respect to the same applicant or has found the arbitration Panel's decision void.The competent authorities of the Contracting states shall independently implement the decision of the arbitration Panel, and, if necessary, determine the procedure for its implementation in the course of the mutual agreement procedure provided for in the Covered Conventions within a reasonable time. Article 6. Arbitration CostsThe Contracting states participating in the dispute shall bear the costs associated with the hearing of the tax dispute in the arbitration Panel, including the organization and maintenance of the dispute settlement procedure, the remuneration of arbitrators, etc., in equal shares. Article 7. Relation to Other Conventions and International Agreements1. This Convention modifies the provisions of international agreements concluded between the Contracting states relating to the same subject.2. The provisions of previous international agreements relating to the same issues that are affected by this Convention shall apply only to the extent that they are compatible with the provisions of this Convention. Article 8. TermThis Convention shall be valid for five years after its effective date. upon the expiry of that period, this Convention shall be automatically extended, each time for another five-year term.Article 9. Done on ____________ 2018 at ____________, in five counterparts, in the russian, english, Chinese and Portuguese languages, all texts being equally authentic. in case of divergence of interpretation, the english text shall prevail.

Harmonization of tax and financial systems within BRICS

“…In other BRICS countries, mediation has also been introduced into the system of tax disputes, as evidenced by the institutions of CARF (Brazil), tax commissioners or tax ombudsmen (India, South Africa), and professional tax consultants (China, South Africa) (Vinnitskiy, 2018). Moreover, in some BRICS countries, tax mediation has already become widely implemented, despite the absence of legally established rules for conducting mediation procedures in tax disputes (Brazil, South Africa).…”

Analyzing dynamics and forecasting real effective exchange rates for BRICS countries (1994–2016)

“…Currently, much attention is paid to general issues of economic coordination and prospects for development of BRICS countries [Vinnitskiy, 2018;Avdokushin, Zharikov, 2013;Mindreci, Mihai, 2013;Ardzinba, 2014;Sadovnichy et al, 2014]. The role and importance of BRICS countries in multipolar globalization is emphasized [Pieterse, 2018], and problems of personnel management in BRICS countries [Jürgens, Krzywdzinski, 2013] and social security features [Ghai, 2015] are being studied.…”