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.
