Tax Information Exchange Agreements (TIEA’s) allow for the exchange of tax information between the contracting states regarding businesses or individuals conducting business in one state and resident in another. These protocols may be invoked in both criminal and civil proceedings. Some DTAs already include wording that addresses the exchange of information.
The Barbados Income Tax Act was also amended to provide for the automatic exchange of tax information.
The following agreement have been negotiated:
- Denmark
- Greenland
- Faroe Islands
- South Africa
- Columbia
The agreement with Columbia was signed in November 2014 but it has not yet been entered into force.