Guidance On Exchange Of Information Regarding Rulings Released

Recently, the Austrian Ministry of Finance published guidance on the automatic and spontaneous exchange of information on advance cross-border rulings and advance pricing arrangements.

The  guidance  note  (20  October  2016,  BMF-010221/0708-VI/8/2016)  first  explains  the terms  "advance  cross-border  ruling"  and  "advance  pricing  arrangement".  In  particular, it  clarifies  that  information  exchange  obligations  not  only  apply  in  connection  with formal  rulings  pursuant  to  sec.  118  of  the  Federal  Fiscal  Procedures  Act  (Bundes abga- benordn ung)   and   bi-   or   multilateral   advance   pricing   arrangements   concluded pursuant  to  income  tax  treaties,  but  also  in  connection  with  informal  rulings  on  which a  taxpayer  may  rely  under  certain  circumstances  based  on  the  general  principle  of equity  and  good  faith  (Grunds atz von Treu und Glauben).