The government is constantly reviewing international tax regimes. You will find information on the impact that any changes in international law may have on you in the new legislation. This agreement, published in April 2002, is not a binding instrument, but includes two models of bilateral agreements. Many bilateral agreements are based on this agreement (see below). Offshore tax evasion undermines the fairness and integrity of Australia`s tax system. Moreover, in the age of globalization, the willingness of other governments to exchange information is an important element in the application of national tax legislation. The aim 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 Information Exchange. TIEA also differs from two aspects of the exchange of information on traditional international tax treaties: a tieA request for information model has been developed to assist the relevant authorities of TIEA partners in requesting information.

It is available in English and French as well as in Spanish, German, Italian, Japanese, Korean and Turkish. An introduction to automatic exchange of information, including the Foreign Account Tax Compliance Act (known as FATCA) and the Common Reporting Standard (SIR), can be found at: Offshore Tax Evasion – Overview and Practical Notice: Automatic Exchange of Information – Contour. The Organisation for Economic Co-operation and Development (OECD) has developed a process that allows some jurisdictions in non-OECD financial centres to commit to eliminating harmful international tax evasion and evasion practices. These legal systems can do this by signing tax information exchange agreements (TIEA) with OECD member countries and committed legal systems, collectively referred to as “participating partners”. Each TIEA defines the obligation between Australia and the non-OECD partner to help each other by exchanging correct tax information relevant to the management and enforcement of their national tax laws (civil and criminal). The information can only be provided on request, i.e. a court is not required to provide information that it has not requested from the other jurisdiction. In June 2015, the OECD`s Tax Affairs Committee (CFA) approved a standard protocol on the agreement. The standard protocol can be used by jurisdictions if they wish to extend the scope of their existing TIEAs to the automatic and/or spontaneous exchange of information.

Under TIEA, contractors must have a legal and administrative framework to support their obligation to exchange information. For example, the ability to exchange information cannot be hampered by restrictions such as the Bank Secrecy Act or the restriction on the acquisition and exchange of information necessary for their national tax administration.