This initiative is intended to enable Europe and the US to spearhead the promotion of a global system of automatic information exchange.

Defending the treaty, the Spanish Finance Ministry highlighted the fact that "the agreement constitutes a milestone in the exchange of tax information at an international level, by laying the foundations for a new automatic, recurrent and standardized framework of international information exchange."

On the other hand, the government of Singapore also plans to change the law so the tax office, the Inland Revenue Authority of Singapore, will not need a court order to get information from banks and trust companies sought by foreign governments, a joint statement by the central bank, the finance ministry and the tax authority said.