This agreement, published in April 2002, is not a binding instrument, but includes two models of bilateral agreements. Many bilateral agreements are based on this agreement (see below). In addition, Ireland has been designated by the Cayman Islands as a country that can make requests for tax information under Part IV of the Tax Information Act. This allows tax commissioners to request information from the Cayman Islands authorities relevant to a tax investigation (including information on the ownership of banks and businesses) without the need for a bilateral TIEA. 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. Jurisdictions can also use the text of the articles in the model protocol if they wish to include the automatic and spontaneous exchange of information in a new TIEA. The aim of this agreement is to promote international cooperation in tax matters through the exchange of information. It was developed by the OECD Global Forum Working Group on Effective Information Exchange. The agreement was born out of the OECD`s work on combating harmful tax practices. The lack of effective exchange of information is one of the main criteria for determining harmful tax practices. The agreement is the standard for the effective exchange of information within the meaning of the OECD`s initiative on harmful tax practices. In 2010, Belize signed Tax Information Exchange Agreements (TIEA) with the United Kingdom, Australia, the Netherlands, Ireland, France, Finland, Norway, Sweden, Iceland, Greenland, Denmark, the Faroe Islands and Portugal.
Since then, Belize has signed TIEAs with Mexico (2011) and Poland (2013). The exchange of information on request was completed by an automatic procedure on 29 October 2014.  The automatic process must be based on a common reporting standard. 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. Recently, Austria, Belgium, Luxembourg and Switzerland withdrew their reservations about Article 26 of the OECD model tax treaty – the “limited trade clause” – and re-established double taxation agreements with their partners.