{"id":11460,"date":"2023-08-15T09:17:55","date_gmt":"2023-08-15T14:17:55","guid":{"rendered":"https:\/\/opm01.com\/llego-el-fin-del-crs\/"},"modified":"2025-07-25T08:08:13","modified_gmt":"2025-07-25T13:08:13","slug":"the-end-of-crs","status":"publish","type":"post","link":"https:\/\/opm01.com\/en\/the-end-of-crs\/","title":{"rendered":"The end of CRS?"},"content":{"rendered":"\t\t
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First Russia, then the BRICS: almost 70% of the world would abandon CRS, the automatic exchange of financial information<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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The automatic exchange of financial information (CRS) could cease to be an effective control mechanism in the not so distant future. Two elements reinforce the above idea. The first is Russia’s decision to suspend double taxation agreements with at least 38 countries. The second is the possible exit of the BRICS nations from the CRS. This would leave almost 70% of the people on the planet out of a bank account data collection model implemented by the Organization for Economic Cooperation and Development (OECD).<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Putin suspends double taxation agreements with hostile nations<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Russia suspended key provisions of double taxation agreements it had signed with at least 38 mostly Western countries, which it now considers “hostile”. This follows the sanctions applied after the invasion of Ukraine.<\/p>

The decree signed by Putin will take effect immediately and will affect the rules that prevent double taxation on income, dividends, interest, royalties and payments for services between Russia and these countries.<\/p>

The countries affected include the United States, the 27 members of the European Union, the United Kingdom, Canada, Australia, New Zealand, Switzerland, Norway, South Korea, Japan and Singapore, i.e. the nations that have imposed the toughest sanctions against Russian interests since February 2022.<\/p>

Russia warned that the suspension of these provisions will remain in force until “hostile actions” against it cease. Experts indicate that this measure will have significant consequences for finance and business between Russia and these nations, as it opens the door for further double taxation and conflict between tax authorities. For example, a Russian citizen with investments in Europe or the United States could now be forced to pay taxes both in the country where he or she generated the income and again in Russia.<\/p>

Putin’s decree comes after the West froze assets of Russia’s Central Bank worth US$300 billion. This in the context of imposing tougher sanctions aimed at pressuring Moscow to cease its invasion of Ukraine. The suspension of the tax deals is interpreted as retaliation by the Kremlin for these actions.<\/p>

Putin’s decree marks a new stage of geopolitical and economic tension between Russia and the West, at a time when the war in Ukraine shows no signs of a prompt resolution. It remains to be seen how the affected countries react and whether this measure triggers new reprisals or deepens the conflict.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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BRICS, an emerging bloc that could leave the CRS<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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The BRICS is made up of 5 countries, with great global geopolitical and economic weight. For example, China is the second largest economy on the planet. India, the fifth; Russia, the eleventh; Brazil, the twelfth; and South Africa, the 32nd.<\/p>

These five nations will soon hold a key summit in South Africa. The current context is complicated by the conflict between Russia and Ukraine.<\/p>

One of the transcendental issues to be discussed will be the possible creation of a new joint currency to challenge the hegemony of the U.S. dollar. This idea has been on the table for years, but has yet to materialize. Experts believe that the BRICS will try to take up this proposal at the summit in view of the weakening of the dollar after the pandemic. In addition, it is not ruled out that the BRICS will opt out of the CRS, which they consider a control mechanism by the Western powers.<\/p>

The enlargement of BRICS with new members is another key issue. Some 20 countries have applied to join, but there is no consensus on how to proceed. Some analysts point out that an expansion with emerging economies would strengthen their global weight, but would also make decision-making more complex.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

First Russia, then the BRICS: almost 70% of the world would abandon CRS, the automatic exchange of financial information The automatic exchange of financial information (CRS) [\u2026]<\/span><\/p>\n","protected":false},"author":3,"featured_media":11432,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[39],"tags":[],"class_list":["post-11460","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog-sociedades-offshore-en"],"_links":{"self":[{"href":"https:\/\/opm01.com\/en\/wp-json\/wp\/v2\/posts\/11460","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/opm01.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/opm01.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/opm01.com\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/opm01.com\/en\/wp-json\/wp\/v2\/comments?post=11460"}],"version-history":[{"count":24,"href":"https:\/\/opm01.com\/en\/wp-json\/wp\/v2\/posts\/11460\/revisions"}],"predecessor-version":[{"id":26491,"href":"https:\/\/opm01.com\/en\/wp-json\/wp\/v2\/posts\/11460\/revisions\/26491"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/opm01.com\/en\/wp-json\/wp\/v2\/media\/11432"}],"wp:attachment":[{"href":"https:\/\/opm01.com\/en\/wp-json\/wp\/v2\/media?parent=11460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/opm01.com\/en\/wp-json\/wp\/v2\/categories?post=11460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/opm01.com\/en\/wp-json\/wp\/v2\/tags?post=11460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}