Automatic Exchange of Information (AIE) is when the tax authorities of two or more states share financial information related to all types of wealth (including immovable property such as houses or land) and taxable activity (e.g. dividends, interests, royalties, salaries, pensions, VAT refunds, etc.) on an automatic, periodic basis. In this system information is routinely collected in the country where the taxable activity occurs or the wealth is held, and shared with the country where taxes are due without a formal request being required. The system can be formalised in either bilateral or multilateral agreements between state parties.