Austria ratifies tax deal with Switzerland

13.07.2012 In April of this year the resident of Switzerland and Austria's Federal Minister of Finance signed an agreement in the regulation of income tax. As planned, in early July, the Austrian parliament approved a tax treaty with Switzerland. Switzerland, for its part, has already completed all the necessary ratification procedures.

The new agreement will come into force on the 1st of January 2013 and will allow the governments of Switzerland and Austria to exchange information on the accounts of its citizens, as well as more efficient to tax income from savings in the accounts in Swiss banks.

Note that Germany and Great Britain, which previously signed similar agreements with Switzerland, has not yet ratified them.

Expert’s opinion

Austria with its stable economic and political system and Switzerland, which we all know as the guarantor of the bank deposit, are now ready to exchange tax information.

It should be noted that at the moment the question of opening a bank account in the choice of sustainable bank, is quite serious.

Switzerland has long been glimpsed in the scandalous tabloids, while trying to stay at afloat. However, none of us remember some news reports about Austrian banks, which can rightfully be proud of their reputation, and most importantly the ability to preserve and enhance customers' assets.

Let's see whether this agreement will be reflected somehow in the leading countries in the next year.

On the basis: http://www.admin.ch/

Lomakina Irina ( the director of Moscow office of Honest & Bright )