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Wednesday, May 25, 2022

UK Suspends All Exchange Of Tax information With Russia, Belarus

UK Suspends All Exchange Of Tax information With Russia, Belarus

It said the move "will ensure the UK is not supplying Putin's regime with information that could lead to an increased tax benefit for Russia."
Britain said Thursday it is suspending accords on sharing tax information with Russia, the latest in a series of sanctions aiming to squeeze Moscow for its invasion of Ukraine.

"The UK has suspended all exchange of tax information with Russia and Belarus under the UK's exchange of information agreements," a government statement said.

It said the move "will ensure the UK is not supplying Putin's regime with information that could lead to an increased tax benefit or yield for Russia."

"Along with the other economic measures we've already taken, this step will help starve Putin of the resources he needs to carry out his barbaric campaign of violence," said Lucy Frazer, financial secretary to the Treasury.

Britain has hit more than 1,000 Russians with asset freezes and travel bans and hiked tariffs on imports of goods such as vodka and steel in retaliation for Moscow's February 24 invasion.

It has said it will cut out Russian oil imports by the end of this year.
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