Final Time-Out for Austrian Bank Secret

People ♦ Published: March 21, 2014; 12:51 ♦ (Vindobona)

During the EU Summit the final time-out for the Austrian bank secret for foreigners was decided. Both Austria and Luxembourg agreed to give up their banking secrets.

Faymann: "Austria will make an important step towards the European fight against tax fraud." / Picture: ©

The bank secret for Austria will be terminated by 2017, which is a year later than previously announced by EU Commissioner for Taxes Algirdas Semeta. The country has three years for the implementation of EU regulations. However, in this case the scope of application of the EUSD (European Savings Directive) will only be extended by the trusts, funds and insurances. The bank secret will…