Multilateral tax system established under BRI

A multilateral tax cooperation mechanism under the Belt and Road Initiative was established on Thursday in Wuzhen, Zhejiang province. It aims to facilitate cross-border trade and investment along BRI routes by helping resolve tax disputes.

The nonprofit mechanism, the Belt and Road Initiative Tax Administration Cooperation Mechanism, or BRITACOM, includes tax authorities from 34 countries and regions. Participating parties signed a memorandum of understanding and become council members on Thursday, including those from Kazakhstan, Uruguay and Nigeria.

Another 11 tax authorities from Italy, Greece, Iran, Saudi Arabia and New Zealand, among others, joined the mechanism as observers, and will have advisory roles.