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Tax Information Exchange Agreement Trinidad

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Tax Information Exchange Agreement Trinidad

The agreement gave rise to the development of the OECD to combat harmful tax practices. The lack of an effective exchange of information is one of the key criteria for determining harmful tax practices. The agreement is the standard for an effective exchange of information within the meaning of the OECD Initiative on Harmful Tax Practices. Legal systems may also choose to use the text of the articles of the Model Protocol if they wish to include in a new TIEA the provisions on the automatic and spontaneous exchange of information. Financial institutions should be aware that their foreign branches and subsidiaries are subject to the laws of their jurisdiction, as they relate to the exchange of tax information and are therefore not subject to this Directive. However, financial institutions should ensure that their foreign branches and subsidiaries comply with the laws and regulations applicable in their respective jurisdictions. This agreement, published in April 2002, is not a binding instrument, but includes two model bilateral agreements. A large number of bilateral agreements have been based on this agreement (see below). In June 2015, the OECD Committee on Fiscal Affairs (CFA) approved a model protocol to the agreement. The standard protocol can be used by legal systems if they wish to extend the scope of their existing TIEAs to the automatic and/or spontaneous exchange of information.

A TIEAs request template has been developed to assist the competent authorities of TIEA partners in requesting information. It is available in English and French as well as Spanish, German, Italian, Japanese, Korean and Turkish. The purpose 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 Exchange of Information. In this way, jurisdictions will be able to base a bilateral agreement on the competent authority for the purpose of introducing the automatic exchange of information in accordance with the Common Standard of Information or the automatic exchange of country reports on an TIEA, in particular where the automatic exchange of information is not (yet) possible under a relevant multilateral agreement of the competent authority. . . .

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