UK Suspended the Exchange and Sharing of Tax Information with Russia and Belarus!

In case you missed it, on March 17, 2022, in an effort to inflict economic pain on President Putin and his regime, the United Kingdom (UK) suspended the exchange and sharing of tax information with Russia and Belarus under the UK's exchange of information agreements. This means that Russia will not receive information under an Exchange of Information on Request, the Common Reporting Standard, or Country-by-Country Reporting.

With various automatic exchange of information deadlines approaching in the next months, we may see more countries choosing to suspend information sharing with Russia, thereby making it more difficult for Russia to collect taxes from its tax residents through these programs and agreements.

Check out the UK announcement here:

https://www.gov.uk/government/news/uk-suspends-tax-co-operation-with-russia#:~:text=The%20UK%20today%20(Thursday%2017,pain%20on%20President%20Putin%27s%20regime.

#CRS #AEoI #AEoIUpdates #CRSUpdates #Russia #UKCRS #UKFIs #CRSSuspension #IRW #ComplyWithComply