Exchange of information on the Austria-Luxembourg Double Taxation Agreement renewed

As part of the discussion about the obligations to provide information, or about the Relaxation of bank secrecy A better and faster agreement for the double taxation agreement between Austria and Luxembourg was reached at the beginning of July. Information exchange agreed upon, which also enables the exchange of bank information. The increased information requirements only apply to requests for information from the date of entry into force and are intended to only then be exploited, provided that this is in the interest of for tax purposes in the sense of this agreement is significant.

The existing DBA between Austria and Luxembourg now includes the exchange of information. OECD standards (Article 26 of the OECD Model Agreement) adjusted. The goal is to increase transparency as well as Reporting and information obligations to establish and at the same time to maintain the bank secrecy in the future. The OECD standards provide for discretion in this regard, insofar as, for example, information exchanged between countries may only be made accessible to persons and (administrative) authorities entrusted with the assessment or collection, enforcement or prosecution of the tax behavior regulated in the agreement. It is to be hoped that despite Expansion of the exchange of information Unfounded access to account details is prevented, and thus a breach of banking secrecy is in no way possible.

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