16.1 C
New York
Tuesday, May 24, 2022

UK announces tax cooperation freeze with Russia and Belarus

- Advertisement -
- Advertisement -

LONDON, March 17 (Reuters) – Britain announced on Thursday the suspension of tax information sharing with Russia and Belarus in response to Moscow’s invasion of Ukraine.

Countries around the world have signed bilateral agreements with each other that allow their national tax authorities to request information from their counterparts in other countries to take action against tax evasion and against companies trying to shift their profits to a low-tax country.

“The UK is freezing tax cooperation with Russia and Belarus, suspending all exchange of tax information with them,” Lucy Frazer, the Treasury’s financial secretary, said in a written statement to Parliament.

“The suspension of the exchange of tax information will ensure that the UK is not supplying Russia and Belarus with information that could lead to a greater benefit or tax return for them,” he added.

Frazer said the suspension, which takes effect Thursday, is not expected to materially affect Britain’s ability to deal with tax default as it continues to share tax information with its extensive treaty network.

(Reporting by Kylie MacLellan and Huw Jones; Spanish editing by Carlos Serrano)

Source link

- Advertisement -

New Articles