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Exchange of Information with Austria

Austria will also participate in the new global standard for the exchange of information beginning in 2016. LHP Attorneys offer legal advice and information on the current developments.

Austria wanted to protect its banking confidentiality for as long as possible. The international political pressure become overwhelming and Austria was no longer able to evade the new global standard for the exchange of information on capital income (AIA). This means, that all EU-member countries have now pledged to implement the new global standard, which is supported by more than 90 countries.

History of the exchange of information with Austria

The anonymous withholding tax is a unique privilege of Austria. Which developments will take place in Austria, following its declaration in March 2014 to adopt the international standard for the exchange of information?

What happened so far: Group enquiry causes uncertainty for investors

Status-quo and outlook: Austria will apply the global standard for the exchange of information

The end of Austria’s banking confidentiality

Until the new regulation becomes effective, Austria will apply the existing withholding tax regime.

The implementation of the automatic exchange of information in Austrian national law (e.g. the EU-Administrative Assistance Act, the Administrative Assistance Performance Act or the Banking Act) heralds the end of banking confidentiality for Austrian bank accounts. This applies to all residents of EU-member countries and other countries who also apply the new global standard for the exchange of information (AIA).

LHP: Attorneys at Law, Tax Law Specialists, Tax Advisers PartmbB

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