An Analysis of Tax Regimes of BRICS Countries with Special Reference to Income Tax of Corporate and Non Corporate Assesses

Abstract

Purpose: The study focuses to understand and analyse the income tax regime of BRICS countries. It also aims to analyse the income tax revenue and the e-taxation awareness of the taxpayers of BRICS countries. SWOT analysis has also been performed to understand the Strength, Weakness, Opportunity and Threat of e-taxation and also suggest measures of improvement for the same. newlineMethodology: For the purpose of the study, a sample size of 5 countries have been selected i.e. Brazil, Russia, India, China and South Africa (BRICS). The data has been collected of six assessment years i.e. 2011-12 to 2016-17. For the purpose of primary data, questionnaire has been prepared and positive responses have been collected from a total of 148 respondents of BRICS countries. Hypotheses have been tested through T-test and Kruskal-Wallis Test. Factor analysis has also been used to find out the important factors in e-taxation. newlineFindings: After the analysis, the researcher has found that in terms of income tax revenue, Brazil is the country with highest income tax revenue. In terms of income tax revenue, there is a significant difference in the income tax revenue of corporate and non-corporate assessees of BRICS countries. China is the country which has minimum or no cases of tax evasion. It is a very ethical country in terms of income tax. In terms of e-taxation awareness, each country s taxpayers have their own thinking and opinion. The procedure is also different in each country. Despite of differences, there is no significant difference in the e-taxation awareness of BRICS countries assesses. Through SWOT analysis, the researcher was able to find the Strength, Weakness, Opportunity and Threat of e-taxation of BRICS countries. newlineResearch Implications: In the last, researcher feels that this study will allow more fruitful and newlineobjective assessment of BRICS countries in terms of BRICS countries and indirect taxation which will help to know the contribution of BRICS countries towards society at large. newlineOriginality/Value: This study is the one of few studies which has examined and analyzed the newlineIncome Tax Regime of BRICS countries. newline newline