A stand is being taken against „shirkers“.

As reported in KI 06/15, this will be achieved by Banking package (Account register, Capital outflow reporting law, International automatic exchange of account information) the Bank secrecy for tax purposes de facto abolished. Before the final vote in the Nationalrat, the banking package was still amended by the Mandatory reporting expanded to certain inflows into accounts at Austrian banks. This is intended to ensure that the so-called „Unloader“ yet investigated more efficiently can be included. Under savers are those bank customers who have their (untaxed) assets before the entry into force of the tax agreements Met Liechtenstein and the Switzerland in the knowledge of the Austrian banking secret into the country transferred have.

What is required to be reported?

The Austrian banks must attract capital inflows from Switzerland or from Liechtenstein of at least 50.000 € in accounts or deposit accounts of

• Natural persons (no business accounts) or
• Liechtenstein Foundations and foundation-like structures

report to the BMF.

In this case, there must be transactions that take place in the following Time periods took place:

• Capital outflows from the Switzerland between the July 1, 2011 and December 31, 2012 or
• Capital outflows from Liechtenstein between the 1 January 2012 and 31 December 2013.

What data are reported?

In addition to personal data they will be Account or deposit number as well as the respective Amount reported.

When will it be reported?

The Austrian banks have reported the until December 31, 2016 to be done.

I am affected – what can I do?

The law provides for affected bank customers two possibilities in terms of the Renovation the financial misconduct has been revealed.

1. The taxable customer can request a Tax recovery by means of a anonymous one-time payment amounting to 38% the reporting entity make the necessary arrangements. To do this, the bank must bis at the latest March 31, 2016 a notification is made, which then carries out the payment. Through this One-time payment are, for example Income tax, Value Added Tax but also inheritance and gift tax, as well as foundation entrance tax and insurance tax treated. However, the tax effect does not occur if the assets originate, for example, from money laundering.
2. If the customer does not arrange for anonymous payment, then there remains the possibility of leniency through a Voluntary disclosure to obtain.

However, if the customer is certain that they have met their tax obligations within the time limits, they will neither make the payment nor file a self-declaration. In these cases, however, it is possible that the Tax office due to the notification by the bank Requests further information from the taxpayer, which clearly shows that all assets were taxed

Which option is better for me?

When asked which of the two renovation options is better, the answer is always the same: Individual case It is advisable to adjust it (in conjunction with the tax advisor) in any case. Tax burden for Both variants To determine which is the more favorable option to choose from. In general It can be said that in cases where solely the current revenues from the assets not taxed, a Voluntary disclosure often cheaper Yes. However, in cases where the source itself has not been correctly taxed (including income tax and sales tax), the anonymous one-time payment It would certainly be the better option.

Furthermore, the following should be taken into account:

• A possible Self-declaration must be submitted in a timely manner be submitted, preferably before 31.12.2016.
• In addition to the tax debt, self-disclosure also includes Interest on claims to settle. This can - depending on the relevant time point - represent a significant amount of money.
• Financial criminal law makes it possible only one self-declaration exempting from criminal liability per type of tax and Year (e.g. income tax for 2012). If a self-declaration is considered, other (untaxed) circumstances should also be taken into account. A new self-declaration at a later date is then no longer possible for this tax type and this date.

Image: © Kurt Kleemann - Fotolia