The Isle of Man was one of the first international financial centres to commit to the OECD`s principles of transparency and exchange of information and has since taken the lead among small international financial centres in implementing these principles. The full text of the tax information exchange agreements with the Isle of Man and Gibraltar can be found via the following links: the agreement stems from the OECD`s work to combat harmful tax practices. The lack of an effective exchange of information is one of the key criteria for determining harmful tax practices. The agreement is the standard for an effective exchange of information within the meaning of the OECD Initiative on Harmful Tax Practices. In this way, jurisdictions may base a bilateral agreement on the competent authority for the purpose of introducing the automatic exchange of information in accordance with the common information standard or the automatic exchange of country reports on an TIEA, in particular where the automatic exchange of information under a relevant multilateral agreement of the competent authority is not (yet) possible. For more information on this bulletin, please contact: In detail, a tax information agreement is a legal instrument that provides the framework for the exchange of information between two governments. These agreements are generally based on the internationally agreed standard of the Organisation for Economic Co-operation and Development (OECD) and are considered an important instrument for the prevention of tax evasion in cases where there is no comprehensive tax agreement between the countries concerned. The legality of intergovernmental agreements (ISAs) has been questioned on the grounds that any agreement between governments that significantly binding any government constitutes a treaty. Since the U.S. Constitution does not allow the executive branch to unilaterally implement treaties without the consent of the Senate, many argue that GAs have no basis in the U.S. Constitution.
 THE ISGs were not described or provided for in the Fatca legislation, but were designed and implemented a posteriori, when it became clear that FATCA would fail without it.  The governments of Australia and the Isle of Man have signed an agreement on the exchange of tax information. The agreement provides for the exchange of information on request, both in criminal and civil matters. This exchange of information on request was supplemented by an automatic procedure on 29 October 2014.  The automatic process should be based on a common reporting standard. Agreement on the Exchange of Tax Information, Exchange of Information Amending the Double Taxation Regime of 1955, signed on 29 September 2008, entered into force on 2 April 2009. Tax Information Exchange Agreements (TIEAs) provide for the exchange of information on request concerning a criminal or civil tax investigation or civil tax matters under investigation.  A TIEA model has been developed by the OECD Global Forum Working Group on Effective Exchange of Information.
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