Switzerland Ratifies Tax Treaty with Austria

PoliticsInternational ♦ Published: December 20, 2012; 20:13 ♦ (Vindobona)

Switzerland has approved the tax deal with Austria and the UK. The treaty will come into force by January 2013.

Switzerland Ratifies Tax Treaty with Austria / Picture: © Swiss and Austrian crossed flags by Vindobona

For Austria, the tax treaty will bring an expected tax intake of more than € 1.0bn. In April, Switzerland and Austria agreed on a common tax treaty to prevent tax evasion by Austrian nationals holding accounts with Swiss banks. It is expected that Austrians have assets worth € 12bn to € 25bn in Switzerland.

The illegal assets will be taxed at a rate from 15% to 38%. What…