Austrian Common Reporting Standard Act (CRS)
On 1 October 2016, Austria joined the Common Reporting Standard (CRS), the global mechanism of the Organisation for Economic Co-operation and Development (“OECD” for short) for the automatic exchange of information (AEOI) in tax matters. From this point onwards, personal data of foreign customers from participating jurisdictions have gradually been reported by the Austrian Federal Ministry of Finance (“BMF” for short) to the competent authorities in the respective jurisdictions. Vice versa, the BMF has been receiving such data of persons taxable in Austria who maintain financial accounts abroad.
Who and what is affected by this data exchange? Please find the answers to this under the following FAQs.