Austria issues draft CRS guidance

On 12 May 2015, the Federal Ministry of Finance (Bundesminiserium für Finanzen) in Austria released a Draft Law (Link – German) and Notes (Link – German) on the implementation of the Common Reporting Standard on the basis of the European Union Directive 2014/107/EU from 9 December 2014 amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation.  New account opening procedures would need to be in place by 1 October 2016 with the first reporting occurring in 2017 (for new accounts opened in 2016) based on the draft guidance.

Leave a reply

Your email address will not be published. Required fields are marked *

/* */