Money Doesn’t Come Without Guidance ...
Tax Information Exchange Agreements (TIEA) is a bilateral agreement on the exchange of information with respect to taxes. The Agreement provides or exchanges information only on a proper request for criminal and civil tax matters. This process has been developed by the Organisation for Economic Cooperation and Development (OECD) to allow non-OECD offshore financial centre jurisdictions to commit to eliminating harmful international tax avoidance and evasion practices. TIEA enables the obligation between Australia and the non-OECD participating partner to help each other by exchanging correct tax information relevant to the administration and enforcement of their respective domestic tax laws. Australia has already signed a number of TIEAs and is in negotiations with a number of other offshore financial centre jurisdictions.
TIEAs provide broad benefits for the international financial community as well as specific benefits for the relevant offshore financial jurisdiction and Australia.
At an international level, TIEAs
For Australia, TIEAs