Tax information exchange agreement

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Tax information exchange agreements (TIEA) provide for the exchange of information on request relating to a specific criminal or civil tax investigation or civil tax matters under investigation. [1]

Contents

A model TIEA was developed by the OECD Global Forum Working Group on Effective Exchange of Information. This exchange of information on request was supplemented by an automatic process on 29 October 2014. [2] The automatic process is to be based on a Common Reporting Standard.

Purposes

Typically, a TIEA contains the following provisions:

Bilateral agreements (by date of signature)

Controversies

The legality of Intergovernmental Agreements (IGAs) has been challenged on the basis that any agreement between governments which bind each government essential represents a treaty. As the United States constitution does not permit the Executive Branch to unilaterally implement treaties without the consent of the senate, many maintain that IGAs lack a basis in the US constitution. [3] IGAs were not described or envisioned in the FATCA legislation, but were conceived and implemented after the fact when it became clear that FATCA would fail without them. [4]

See also

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References

  1. "Model agreement on exchange of information on tax matters, developed by the OECD Global Forum Working Group on Effective Exchange of Information". OECD Global Forum Working Group. Retrieved 19 August 2014.
  2. "Automatic Exchange of Information". OECD. Retrieved 5 May 2015.
  3. "IRS Brushes Aside the Constitution to Make Way for FATCA". www.lexisnexis.com. Retrieved 2016-08-14.
  4. "FATCA: "The Worst Law Nobody Has Ever Heard Of," Part I". 2015-01-16. Retrieved 2016-08-14.