17 Mar 2022 20:05

Britain suspends tax cooperation with Russia

MOSCOW. March 17 (Interfax) - The United Kingdom has fully suspended the exchange and sharing of tax information with Russia and Belarus.

"Suspending exchange of tax information means that Russia will not receive information under any of the UK's exchange of information agreements: Exchange of Information on Request (EoIR), Common Reporting Standard (CRS) or Country-by-country Reporting (CBCR)," the HM Treasury said in a statement.

The UK exchanges tax information with Russia under the Convention on Mutual Administrative Assistance in Tax Matters and Russia and Belarus under bilateral double tax agreements.

The decision to suspend tax information exchange ensured the UK is not supplying Russian authorities with information that could lead to an increased tax benefit or yield for Russia, the statement said.

The UK seeks to put Russian authorities "under decisive economic pressure, it would not be right to continue to exchange tax information with Russia and Belarus," Financial Secretary to the Treasury Lucy Frazer said.