Brief info: Need for action on WiEReG and GDPR

I'm May exists Action required for businesses (if not already done) in connection with the Economic Owners Register Act (WiEReG) and with the General Data Protection Regulation (GDPR). Until 1 June 2018 has to because the First report economic owner for existing legal entities. The notification is made by the company itself via the Business Services Portal (USP) and can also be from 2nd May Professional party representatives (e.g. tax advisors and auditors) must be carried out. Failure to report or incorrect reporting may result in high Fines (see also KI 09/17). Further information can also be found at www.bmf.gv.at/wiereg.

Severe penalties also threatening even with Violations against die (European) General Data Protection Regulation, which at 25 May 2018 will come into effect. From then on, companies will have to have adapted their personal data processing - customer master data, invoice or supplier data are affected by this - to the new legal situation. Important elements include, among others, a register of Processing activities, the appointment of a DaData Protection Officer as well as the consideration of information duties and data subject rights (see also KI 12/17).

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