Tax Information Exchange Agreement
The purpose of this Agreement is to promote international co-operation in tax matters through exchange of information. It was developed by the OECD Global Forum Working Group on Effective Exchange of Information (“the Working Group”).
The Working Group consisted of representatives from OECD Member countries as well as delegates from Aruba, Bermuda, Bahrain, Cayman Islands, Cyprus, Isle of Man, Malta, Mauritius, the Netherlands Antilles, the Seychelles and San Marino.
The Agreement grew out of the work undertaken by the OECD to address harmful tax practices. The lack of effective exchange of information is one of the key criteria in determining harmful tax practices. The mandate of the Working Group was to develop a legal instrument that could be used to establish effective exchange of information.
The Agreement represents the standard of effective exchange of information for the purposes of the OECD’s initiative on harmful tax practices. This Agreement, which was released in April 2002, is not a binding instrument but contains two models for bilateral agreements. A number of bilateral agreements have been based on this Agreement.
Read more about this topic: Tax Treaty
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who do not tax their lives with forethought
of grief.”
—Wendell Berry (b. 1934)
“Knowledge is of two kinds. We know a subject ourselves, or we know where we can find information upon it.”
—Samuel Johnson (1709–1784)
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—General Federation Of Women’s Clubs (GFWC)
“The doctrine of those who have denied that certainty could be attained at all, has some agreement with my way of proceeding at the first setting out; but they end in being infinitely separated and opposed. For the holders of that doctrine assert simply that nothing can be known; I also assert that not much can be known in nature by the way which is now in use. But then they go on to destroy the authority of the senses and understanding; whereas I proceed to devise helps for the same.”
—Francis Bacon (1560–1626)