Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

My colleagues here inform me that the agreement on the exchange of information is contained in a separate agreement between the jurisdictions. The agreements before us are limited in the scope of their application.

As I stated, they only deal with the income of individuals. They contain a mutual agreement procedure for the adjustment of profits of associated companies; that is all.

As regards tax information, we have a tax information exchange agreement with the Isle of Man and Guernsey. This is in line with the OECD model, which deals with the effective exchange of information on tax matters. It sets out the minimum standards for achieving effective exchange of information with those two jurisdictions. The way it happens is that the competent authorities, that is, the tax authorities in the Isle of Man or Guernsey, would contact our tax authority about matters of concern, or vice versa. I understand that is done through a common reporting system which brings to bear a standard way in which financial account information is shared.