Tax Information Exchange Agreements (United States)

Tax Information Exchange Agreements (United States)

This exchange of information on request was supplemented by an automatic procedure on 29 October 2014. [2] The automatic process should be based on a common reporting standard. The purpose of this Agreement is to promote international cooperation in tax matters through the exchange of information. It was developed by the OECD Global Forum Working Group on Effective Exchange of Information. All agreements have been signed and ratified, unless otherwise stated. In June 2015, the OECD Committee on Fiscal Affairs (CFA) approved a model protocol to the agreement. The standard protocol can be used by legal systems if they wish to extend the scope of their existing TIEAs to the automatic and/or spontaneous exchange of information. A TIEAs request template has been developed to assist the competent authorities of TIEA partners in requesting information. It is available in English and French as well as Spanish, German, Italian, Japanese, Korean and Turkish.

Tax Information Exchange Agreements (TIEAs) are signed by two countries that agree to cooperate in tax matters through exchange of information. Jersey has been exchanging information on TIEAs with other countries since 2007. They assist governments in enforcing national tax laws by providing the opportunity to exchange relevant tax information upon request. Unlike double taxation treaties, TIEAs do not always eliminate double taxation of income. The agreement gave rise to the development of the OECD to combat harmful tax practices. The lack of an effective exchange of information is one of the key criteria for determining harmful tax practices. The agreement is the standard for an effective exchange of information within the meaning of the OECD Initiative on Harmful Tax Practices. Jersey has signed a number of TIEAs based on this OECD model that allow us to send and receive tax information with more than 30 countries. This figure is expected to increase over time. To present a summary of Jersey`s international tax treaties and the progress made with countries that have not yet signed an agreement with Jersey, download the following document: Tax Information Exchange Agreements (TIEAs) provide for the exchange of information on request concerning a criminal or civil tax investigation or civil tax matters that are under investigation. [1] A TIEA model was developed by the OECD Global Forum Working Group on Effective Exchange of Information.

Download exchange of letters between Great Britain and Jersey (size 60kb) In this way, jurisdictions can support a bilateral agreement on the competent authority to allow the automatic exchange of information in accordance with the common reporting standard or the automatic exchange of national reports on an TIEA, in particular in cases where it is not (yet) possible to provide information under a relevant multilateral agreement on the ground to be replaced cer automatically. Jersey may also exchange tax information with other countries under double taxation treaties, the multilateral convention and EU Member States under the EU Savings Tax Directive. This agreement, published in April 2002, is not a binding instrument, but includes two model bilateral agreements. . . .