On May 7, 2014 Guernsey signed a tax information exchange agreement (TIEA) with Belgium. The agreement had already been approved by Belgium and signed on April 24, 2014. Agreements on the exchange of tax information allow the tax authorities of both countries greater possibilities to obtain information about the tax affairs of their citizens, including any undisclosed income in the other contracting state. These agreements are therefore seen by the OECD as an important tool in raising standards of tax transparency and information exchange.
