However, TIEAs are not binding instruments and can be terminated in accordance with agreements. The information is exchanged in accordance with the provisions of the TIEA agreement. 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. 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. 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. Each TIEA defines the obligation between Australia and the non-OECD partner to help each other by exchanging correct tax information relevant to the management and enforcement of their national tax laws (civil and criminal). The information can only be provided on request, i.e.
a court is not required to provide information that it has not requested from the other jurisdiction. Under TIEA, contractors must have a legal and administrative framework to support their obligation to exchange information. For example, the ability to exchange information cannot be hampered by restrictions such as the Bank Secrecy Act or the restriction on the acquisition and exchange of information necessary for their national tax administration. TIEA also differs from two aspects of the exchange of information on traditional international tax treaties: on 21 May, India announced the entry into force of a tax information exchange agreement (TIEA) with the Marshall Islands, a central Pacific country. TIEA was signed on 18 March in Majuro, the Republic of the Marshall Islands, by representatives of the Government of India and the Marshall Islands. The agreement will enter into force on December 6, 2018. For the automatic exchange of information, see exchange of letters with Bermuda To this end, legal orders may establish a bilateral agreement on 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, especially in cases where it is not (yet) possible to automatically exchange information within the framework of a relevant multilateral agreement on the competent authority.