The 5th meeting of the BRICS Heads of Tax Authorities was concluded in Hangzhou on July 27-28, 2017, where the countries agreed to enhance their cooperation on international tax matters. The signed memorandum on July 28th, 2017 endorsed OECD/ G20's coordinated efforts on international taxation as the base erosion and profit shifting (BEPS) project and identified the key role of the automatic exchange of information between competent authorities in preventing cross-border tax evasion and in designing a fairer and more transparent international tax system.

Further, they agreed upon providing technical assistance on tax matters to both BRICS and developing countries lacking administrative capacity.