Statement from the Swiss Bankers Association regarding the Signing of a Withholding Tax Agreement with Austria

  • The SBA takes note of the signing and welcomes the fact that the strategy for tax conformity, which was defined over two years ago, has now been substantiated with a third European country after the agreements signed with the United Kingdom and Germany.
  • The core elements of the 2015 Financial Strategy – anonymity, final effect of tax payments, tax rates for the future and bilateral market access – are respected also in this tax agreement. The signing of the three agreements underlines Switzerland’s and the banks in Switzerland’s commitment to acquire and manage taxed assets only.
  • It can be positively noted that both an upfront payment and the system control measures have been waived. This sends out a clear signal for future tax agreements with other European countries.
  • We believe the agreement allows clients from Austria to regularise their tax situation while at the same time protecting their financial privacy.