Bank Secret: EU Commission is Frustrated

Politics ♦ Published: May 16, 2012; 17:22 ♦ (Vindobona)

The European Commission is dissatisfied with Austria´s and Luxembourg´s blockage of the interest taxation directive.

Bank Secret: EU Commission is Frustrated / Picture: ©

The EU wants Austria and Luxemburg as last EU-members to give up their blockade against the negotiation over the taxation of interest gains with other states. The scope of application of the treaty between Switzerland and the EU should be extended. Austria fears that the automatic information exchange would cause the bank secret to become obsolete.

As a result, Austria´s…