Australia, San Marino Sign TIEA
Monday, March 8, 2010
Australia’s Assistant Treasurer, Nick Sherry, on March 5 announced the
signing of a Tax Information Exchange Agreement (TIEA) with San Marino, which will
allow for the exchange of taxpayer information between the two countries’
"Securing this agreement with San Marino is another important step by
the government to boost transparency in the financial system and prevent offshore
tax avoidance and evasion," Sherry said.
"Australia now has a rapidly growing network of jurisdictions signed
up to our tax transparency program. The agreement with San Marino brings this
number to 12, with many more agreements under negotiation."
The agreement conforms to the Organization for Economic Cooperation and Development standard on tax information exchange, and will allow for the respective
countries’ tax authorities to seek information pertaining to civil and
criminal tax matters where there is evidence of the perpetration of a tax crime.
The agreement will enter into force after Australia and San Marino have completed
their respective ratification procedures.