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
Famous quotes containing the words tax, information, exchange and/or agreement:
“The government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.”
—Ronald Reagan (b. 1911)
“I am the very pattern of a modern Major-Gineral,
I’ve information vegetable, animal, and mineral;
I know the kings of England, and I quote the fights historical,
From Marathon to Waterloo, in order categorical;”
—Sir William Schwenck Gilbert (1836–1911)
“So long as the law considers all these human beings, with beating hearts and living affections, only as so many things belonging to the master—so long as the failure, or misfortune, or imprudence, or death of the kindest owner, may cause them any day to exchange a life of kind protection and indulgence for one of hopeless misery and toil—so long it is impossible to make anything beautiful or desirable in the best-regulated administration of slavery.”
—Harriet Beecher Stowe (1811–1896)
“Truth cannot be defined or tested by agreement with ‘the world’; for not only do truths differ for different worlds but the nature of agreement between a world apart from it is notoriously nebulous. Rather—speaking loosely and without trying to answer either Pilate’s question or Tarski’s—a version is to be taken to be true when it offends no unyielding beliefs and none of its own precepts.”
—Nelson Goodman (b. 1906)