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Austrian bank secrecy set to be loosened

Austrian bank secrecy set to be loosened

Four Austrian political parties have agreed to relax the country's banking secrecy regarding foreigners, paving the way for parliamentary approval.
Austria is among several states that have hesitated to adopt rules on forwarding account details to other tax authorities for fear of losing business.
Wednesday's agreement between the governing coalition and two opposition parties secures the two-thirds majority needed to pass legislation that would help remove Austria from the Organization for Economic Cooperation and Development's "gray list" of countries not complying with international reporting norms.
A Finance Ministry spokesman says parliament is expected to take action next month.


Updated : 2021-05-18 03:59 GMT+08:00