Draft opinion on the banking package – comprehensive lifting of banking secrecy planned

On May 12, 2015, the evaluation draft was submitted to the Banking package published. The draft envisages a Radical incision into the internationally controversial Austrian banking secrecy for residents in Germany and abroad Customers of Austrian banks Before. Conversely, receive Austrian financial authorities comprehensive Information about assets held abroad from in Austria Taxpayers. This way, Austria follows the international trend towards „glassed-in citizen“in the fight against tax evasion.”.

The banking package consists essentially of 3 parts, which are presented below:

Account Register Act

The Account Register Act stipulates that a central account register with the BMF to be created, to which the Austrian banks all accounts (including savings books and building savings accounts) and Depots Report must. This applies to both In's accounts- as well as by Foreigners. The report includes information about the Account holder (natural person or company), authorized persons, and the account number. Income or balance sheet are in the process of doing so (for now) not to report. The account register is intended to facilitate the work of courts and financial authorities in Fight against tax evasion support.

One Complete opening of the accounts should be used in the following cases Possible his:

1. For the public prosecutor's offices and criminal courts for criminal law purposes.
2. For financial criminal law purposes, in addition, for the financial criminal authorities and the Federal Financial Court.
3. For tax-related purposes for the federal tax authorities and the BFG when it is expedient and appropriate in the interest of tax collection.

This regulation also applies to Tax authority, without that there is one with judicial approval is needed, Access Among the Account information. From the financial side, this possibility is relativized, as access should only be possible if the taxpayer requests it. Refused to cooperate will not be provided and the necessary documents, for example in the context of operational audits. This draft law is currently being fiercely criticized by both privacy advocates and the political left. Excessive interference with personal rights The citizen criticizes. It remains to be seen whether the draft will actually be implemented in this way.

Capital outflow reporting law

In addition to the account register law, the law on natural persons should Capital loss reporting law It is intended to create so-called „A loser“ collect, namely bank customers who – in order to make the traceability of their assets more difficult or to evade registration – either do not provide their Taking away wealth from Austria, make a donation or simply give it Spending money. This will also make the financial information available to customers when they buy a new car or renovate their home, for example. Transfers that clearly involve a connection should be aggregated. The notification is intended to be (retroactively) available for Asset withdrawals starting at €50,000 to be done through the bank.

Common Reporting Standard Act – GMSG for the international exchange of account information

The GMSG is intended to be the global „Automatic information exchange“(AIA) will be implemented in Austrian law. Analogously to FATCA, where foreign banks or financial authorities of the US financial authority (IRS) provide information about US tax obligations, should from 2017 Austrian banks collect customer and account data and to the Austrian BMF transmit, which then forwards the information to the participating states (currently over 90). At the same time obtain die Austrian financial authorities Also the account details of Austrian customers, the one who owns her Wealth hold on foreign accounts and deposits. Registered will be added alongside Revenue (Dividends, interest, proceeds from disposals) also the Account and deposit balances as well as information about certain insurance policies. All EU member states as well as most industrialised countries and Tax havens (e.g. Switzerland, Liechtenstein, Singapore, Cayman Islands). Thus, tax authorities worldwide obtain account information about taxable natural persons or companies (including assets that are held abroad). Foundations or Trusts be held).

We will keep you informed about the further legal process.

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