One Biggest Country suspends Exchange of tax information with Russia and Belarus; Check Name of the Contry

The UK’s HM Treasury has declared that tax information exchange with Belarus and Russia will be suspended. Russia will not receive information under any of the UK’s exchange of information agreements, including Exchange of Information on Request (EoIR), Common Reporting Standard (CRS), or Country-by-Country Reporting, if the exchange of tax information is suspended (CBCR). Belarus is not a member of the CRS or CBCR, hence only EoIR data is being withheld.

United Kingdom has halted tax cooperation with Russia

As part of its ongoing efforts to inflict economic pain on President Putin’s administration, the UK stated on Thursday, March 17 that it will stop the interchange and sharing of tax information with Russia and Belarus.

Under the UK’s exchange of information agreements, all tax information exchange with Russia and Belarus has been halted.

The move is one of a number of tax-related actions being done to support Ukraine and put economic pressure on Putin’s regime.

The UK government has previously revealed plans for families that sign up for the new Homes for Ukraine scheme to get a £350 monthly tax-free payment and a customs easement to make humanitarian supplies delivery to Ukraine easier.

Under the Convention on Mutual Administrative Assistance in Tax Matters, the UK shares tax information with Russia, while Russia and Belarus have bilateral Double Tax Agreements.

This tax information is sent as part of a global collaboration to address tax compliance concerns; however, the UK’s decision to halt tax information exchange ensures that the UK does not provide Putin’s regime with information that could result in a higher tax advantage or yield for Russia.

The Financial Secretary to the Treasury, the Rt Hon Lucy Frazer QC MP, said:

“We stand shoulder to shoulder with the Ukrainian people and want to help them in any way we can.

It would be counterproductive to continue exchanging tax information with Russia and Belarus as we seek to put Vladimir Putin’s regime under severe economic pressure.

This action, combined with the other economic steps we’ve already taken, will drain Putin of the resources he requires to carry out his brutal campaign of bloodshed.”

The suspension of tax information exchange, which takes effect today, implies that Russia will no longer receive data under any of the UK’s information exchange agreements:

• Exchange of Information on Request (EoIR)
• Common Reporting Standard (CRS)
• Country-by-country Reporting (CBCR)

Source: Orbitax