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’ tax authorities.
"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.