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Island freeze on tax cooperation with Russia

Government suspends all forms of tax co-operation

The Isle of Man has suspended all forms of tax co-operation with Russia.

Government says it's in light of the 'exceptional and distressing' events in Ukraine and follows consultation with the UK Government.

As a party to the Convention on Mutual Administrative Assistance in Tax Matters the Island has a legal basis on which to exchange tax information with Russia.

But under the current circumstances, and the imposition of sanctions, government says it's deemed inappropriate to continue to share information.

Treasury Minister David Ashford said: "As a consequence of its military activity in Ukraine the Isle of Man will not assist Russia in any way.

"The Island been a consistent and strong supporter of international information exchange for tax purposes as a tool for combating tax evasion and aggressive avoidance.

"It would, however, be wrong to provide information to Russia that could be used for its economic benefit at a time when the Island has imposed economic sanctions."

The Isle of Man does not have any tax information exchange mechanism with Belarus.

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