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Exchange of Information — Is the Right of Taxpayers to Privacy and Confidentiality of Information Adequately Protected under Current Safeguards?

Aside from avoiding double taxation in respect of cross-border transactions and facilitating trade and investment between two jurisdictions by way of lowering withholding taxes on certain passive income flows, the prevention of tax evasion is also a key purpose of a comprehensive avoidance of double taxation agreement1 (“CDTA”). In this regard, a CDTA will normally include an exchange-of-information (“EoI”) article specifying that the tax authorities of the two jurisdictions can exchange certain information in respect of taxpayers in order to prevent tax evasion.