Switzerland: Bank account reporting under tax treaty with Austria

Switzerland: Bank account reporting under tax treaty

The income tax treaty between Switzerland and Austria (like the income tax treaty between Liechtenstein and Austria) not only provides for the taxation and reporting of current investment income by banks in Switzerland (and in Liechtenstein) to Austria, but also a regularization of the past.


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Under these tax treaties, Austrian banking clients were required to choose between disclosing past assets and making an anonymous lump-sum payment. This option gave non-tax-compliant Austrian banking clients a chance to “wipe their slates clean” simply and anonymously by making a lump-sum payment of between 15% and 38% on any relevant capital.

These provisions for regularizing the past only applied specifically to Austrian banking clients who still held an account at a Swiss bank on 1 January 2013 or at a bank in Liechtenstein on 1 January 2014. Certain asset management structures in Liechtenstein were also covered by the tax treaty with Liechtenstein.

Read a July 2015 blog posting prepared by the KPMG member firm in Switzerland: Retroactive elimination of banking secrecy in Austria

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