The agreement was born out of the OECD`s work on combating harmful tax practices. The lack of effective exchange of information is one of the main criteria for determining harmful tax practices. The agreement is the standard for the effective exchange of information within the meaning of the OECD`s initiative on harmful tax practices. In this regard, legal systems may be based on a bilateral agreement between the competent authority for the implementation of the automatic exchange of information in accordance with the common standard of notification or automatic exchange of reports by country on a TIEA, particularly in cases where it is not (yet) possible to automatically exchange information through the relevant authority within the framework of a relevant multilateral agreement. 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). Financial institutions should be aware that their overseas branches and subsidiaries are subject to judicial laws, since they relate to the exchange of tax information, and are therefore not subject to this directive. However, financial institutions should ensure that their branches and subsidiaries abroad comply with the relevant laws and regulations in their respective laws. Jurisdictions can also use the text of the articles in the model protocol if they wish to include the automatic and spontaneous exchange of information in a new TIEA. 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. 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.

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. See also TIEAs and TIEAs signed by the court The revised directive can be accessed implementation of the United States of America Act, 2017. To view the above-mentioned CBTT circular, please click here b) implement effective policies, procedures and controls; and the Central Bank of Trinidad and Tobago has indicated that it has changed the revised guideline on the issue. As noted above, the purpose of this guideline is to provide financial institutions with guidance on the implementation and routine compliance of TIEAA reporting obligations and provides guidance on: (a) the establishment of an appropriate compliance framework; THE TAX INFORMATION EXCHANGE MODEL (TIEA MODEL).