Austria's Finance Minister Josef Pröll and his Finnish counterpart Jyrki Katainen have recently signed a revised bilateral double taxation agreement (DTA), providing for information exchange in tax matters in accordance with the Organization for Economic Cooperation and Development's (OECD) model convention.
Commenting on the signing of the revised DTA, Austria's Finance Minister Pröll emphasized that the existing bilateral agreement with Finland from 2001 did not comply with the new OECD standards, and underlined the importance of achieving maximum transparency and mutual assistance ”“ particularly as regards tax fraud.
According to the Austrian finance ministry, in Spring 2010 negotiations therefore took place on an amending protocol, designed to implement the new OECD standard. The signing of the protocol enables Austria to fulfil its international obligations, the ministry added, noting that failure to do so would have resulted in disadvantages for the country's economy.
Welcoming the fact that work on the agreement has been swiftly completed, Pröll concluded by stating that the Austrian economy and taxpayers will now reap the benefits.
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Commenting on the signing of the revised DTA, Austria's Finance Minister Pröll emphasized that the existing bilateral agreement with Finland from 2001 did not comply with the new OECD standards, and underlined the importance of achieving maximum transparency and mutual assistance ”“ particularly as regards tax fraud.
According to the Austrian finance ministry, in Spring 2010 negotiations therefore took place on an amending protocol, designed to implement the new OECD standard. The signing of the protocol enables Austria to fulfil its international obligations, the ministry added, noting that failure to do so would have resulted in disadvantages for the country's economy.
Welcoming the fact that work on the agreement has been swiftly completed, Pröll concluded by stating that the Austrian economy and taxpayers will now reap the benefits.
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Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.
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Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.