Guernsey Stops Sharing Tax Details With Russia

Guernsey has stopped exchanging tax information with Russia.

It follows a similar move made by the UK government.

Guernsey and Russia are both parts of bilateral agreements on tax matters.

It allows their tax authorities to give help to the tax authorities in other countries.

Deputy Mark Helyar, the Policy & Resource's Committee's Treasury Lead, says the bailiwick's sanctions will remain aligned with the UK's:

"The exchange of information for tax purposes is a tool used to combat tax evasion and profit shifting and to risk assess for potential tax avoidance. Suspending the ability for Russia to receive such information from Guernsey ensures that the Russian government cannot use that information to increase its tax revenues. Guernsey’s decision is an appropriate part of the international response to the invasion of Ukraine.

"Guernsey will, of course, continue to meet all of its other commitments to international standards and agreements on tax transparency and the exchange of information with all other partner jurisdictions."

The UK government has also suspended the exchange of tax information with Belarus.