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. A tieA request for information model has been developed to assist the relevant authorities of TIEA partners in requesting information. It is available in English and French as well as in Spanish, German, Italian, Japanese, Korean and Turkish. TIEA allows the relevant authorities in Singapore and the United States to request and exchange “predictable” information for the management and enforcement of national tax law. It also indicates the scope of the information exchanged, the continuation of the procedure and the restrictions on the exchange of information. The agreement was amended through exchanges of letters signed in 1994, 2009, 2015 and 2016. Where a competent authority does not have sufficient information to respond to a request, TIEA requires it to use “all relevant information collection measures” to provide the requested information. The TIEA defines the detailed procedure for how a candidate party can request information from a requested party. It also facilitates the automatic exchange of information as well as the spontaneous exchange of information (further details have yet to be agreed).
In general, TIEA is in line with Singapore`s efforts to ensure the transparency of its international tax policy. In cross-border reporting and the spontaneous exchange of decisions and incentives, taxpayers should conduct a comprehensive review of their supply or value chains to identify areas of risk and mitigation solutions. The 2015 letter exchange came into effect on January 19, 2016 and comes into effect in Jersey on January 1, 2017. In this regard, legal systems may be based on a bilateral agreement between 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, particularly in cases where it is not (yet) possible to automatically exchange information through the relevant authority within the framework of a relevant multilateral agreement.