Us Tax Information Exchange Agreements

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. Jersey has signed a number of TIEAs based on this OECD model that allow us to send and receive tax information with more than 30 countries. This figure is expected to increase over time. All agreements between the United States and our trading partners are available separately on the relevant authorities` agreements page. Data on cross-border reports are exchanged under bilateral agreements on the competent authorities (CAA), which are based on double taxation agreements, tax information exchange agreements or the Convention on Mutual Assistance in Tax Matters, which allows for the automatic exchange of information. This table includes jurisdictions that are negotiating for an AAC, have complied with U.S. bilateral data protection and infrastructure audit provisions, and have agreed to be on the list. The table also includes jurisdictions with which the IRS and the Tribunal`s competent authority have signed a CAA. The exchange of information on request was completed by an automatic procedure on 29 October 2014. [2] The automatic process must be based on a common reporting standard. Tax Information Exchange Agreements (TIEA) provide for the exchange of information on request in the context of a specific criminal or civil tax investigation or civil tax matter under investigation.

[1] A TIEA model has been developed by the OECD Global Forum Working Group on Effective Information Exchange. 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. They help governments enforce national tax laws by allowing the exchange of relevant tax information on request. Unlike double taxation conventions, TIEAs do not always eliminate double taxation of income. 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.