At its meeting in January 2013, the Committee on Fiscal Affairs approved the TRACE Implementation Package, a self-contained set of agreements and forms to be used by any country that wants to implement the so-called Authorised Intermediary ("AI") system. The AI system is a standardized system for claiming withholding tax relief at source on portfolio investments. It removes the adminstrative barriers that currently affect the ability of portfolio investors to effectively claim the reduced rates of withholding tax to which they are entitled pursuant to tax treaties or to domestic law of the country of investment. It minimises administrative costs for all stakeholders and enhances the ability of both source and residence countries to ensure proper compliance with tax obligations.