TIEA (Tax Information Exchange Agreement)
A Tax Information Exchange Agreement (TIEA) is a bilateral agreement that has been negotiated and signed between two countries to establish a formal regime for the exchange of information relating to civil and criminal tax matters.
Tax information exchange under a TIEA is by request only and there are strict criteria to ensure no fishing expeditions are being carried out. Information is not given automatically under a TIEA. Every TIEA has a set of guidelines and criteria which must be adhered to by the TIEA jurisdiction submitting a request for information. It is therefore important that the industry familiarizes itself with the provisions of TIEAs, especially those relating to the conditions that must be satisfied before assistance can be provided.
Information requests are sent to the Competent Authorities of the respective countries. The country requesting information must provide to the Competent Authority the reasons why the information is being requested and why it is relevant to the requesting country’s inquiry. The requesting country must also provide a statement that they have pursued all means available in their own country to obtain the information they are requesting.
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