Abstract:
Last years have brought changes in developing world – a growing role of BRICS economies, dynamic development in South and Latin America, much more optimism about the future in Africa. It seems that there is a big potential in developing countries for stimulating their economies through tax reforms and developing fiscal issues, which for a long time have been an obstacle in creating modern investment environment. The article focuses on main aspects of developing countries’ fiscal policy and presents some problems and challenges of the taxation area, arising both at domestic and international level. The paper brings closer the issue of tax incentives offered by developing countries in order to attract the foreign capital; it also examines the role of double/multinational tax treaties in the process of stimulating the developing economies. The last part of the article analyses the new role of BRICS – the most dynamically developing economies – in the world of international relations.
