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<h1>Tax Authorities Mandated to Share Financial Data Globally, Ensuring Comprehensive Cross-Border Information Exchange Under Strict Guidelines</h1> The statutory provision outlines a comprehensive framework for cross-border tax information exchange between competent authorities. It mandates that requested parties provide tax-related information upon request, regardless of domestic criminal standards. The provision requires authorities to use all available information-gathering measures, obtain data from financial institutions and entities, and ensure transparency in ownership structures. Requests must demonstrate foreseeable relevance, include specific details, and follow established procedural guidelines, with strict timelines for response and communication of potential obstacles.