Besides the draft bill of the Tax Reform Act of 2015/2016, another draft bill dealing with the so-called "banking package" was circulated on 16 June 2015. It is envisaged to introduce the following three laws under this package.
The first law implements the OECD's Common Reporting Standard as well as the corresponding EU Directive 2014/107/EU. Austria will take part in automatic information exchange regarding financial account data in general as of 1 January 2017 (as of 1 October 2016 for new accounts opened after said date). The second law provides that the Austrian Ministry of Finance shall keep a central register of bank accounts and security depots in Austria. The third law provides that banks shall report capital outflows exceeding EUR 50,000 from bank accounts and security depots of individuals to the Austrian Ministry of Finance. In parallel, an amendment of the Austrian Banking Act is envisaged, thereby further loosening banking secrecy.
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