Tax Exchange With Russia Suspended

Jersey has suspended the exchange of tax information with Russia.

It follows a similiar announcement made by the UK government.

"At a time when Jersey has imposed economic sanctions on Russia, we should not be providing the Russian government with information which it can use to increase its tax revenues.

In this, we are aligned with the approach taken by the UK Government." - Senator Ian Gorst, External Relations Minister.

Jersey 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.

"This unprecedented decision reflects the extent to which the Russian government has isolated itself from the global community by its actions in Ukraine.

It does not however affect Jersey’s commitment to international standards in tax transparency and the exchange of information." - Deputy Susie Pinel, Treasury Minister.

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

Jersey's government says it's not done the same because the island doesn't have a tax information exchange mechanism with Belarus.

Senator Gorst and the Jersey Financial Services Commission have also issued a joint statement to the island's financial services industry about 'customer relationships' that are linked to Russia and Belarus.

They think there is an increased risk of money laundering, terrorist financing, and proliferation financing.

The Minister for External Relations and Financial Services, Senator Ian Gorst, and the Jersey Financial Services Commission have issued a joint statement to the financial services industry on customer relationships associated with Russia and Belarus: https://t.co/bFr7eqxrto

— Jersey Finance (@jerseyfinance) March 17, 2022

Meanwhile, Jersey's Home Affairs Minister says more Ukrainian nationals are expected into the island 'in the next fortnight' once their visa applications have been processed in the UK.

"JCIS officers are in contact with the UK Home Office to ensure all applications to travel to Jersey are expedited as quickly as possible. To date, a small number of Ukrainian nationals have arrived in Jersey utilising the Ukrainian family Visa scheme.

Employees across the Government of Jersey are working to ensure that wraparound services are in place to ensure the new arrivals are provided with appropriate support." - Deputy Gregory Guida.

Islanders with suitable accommodation for Ukrainian families coming into Jersey are being asked to email externalrelations@gov.je

Donations can be made to the Bailiff's Ukraine fund here.