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.