(This note is not part of the Instrument and does not purport to be a legal interpretation.)
This Order gives the force of law to the Tax Information Exchange Agreement between Ireland and the Republic of Vanuatu, which is set out in the Schedule to the Order.
This Agreement was signed on the 31st May 2011.
The provisions of the Agreement are summarised below.
The Tax Information Exchange Agreement (TIEA) is based on a model agreement that was developed by the OECD. The Agreement allows the tax authorities of Ireland and the Republic of Vanuatu to request information from each other in relation to tax matters under investigation, in particular, for bank account information and for information concerning the beneficial ownership of companies, trusts and partnerships. The taxes covered are all taxes imposed or administered by either Contracting Party.
There are also provisions in the Agreement that allow each Party to carry out tax investigations in the territory of the other Party, that
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