The Danish Tax Authority, the Skatteministeriet, has announced the signing of an agreement with Austria amending the existing double tax convention the two countries share to allow for the exchange of information in the case of tax crimes, and in civil tax matters.
The agreement will allow the exchange of information between the respective countries’ tax authorities beginning the year following the document’s ratification. The amendment has been made to add the extended administrative assistance clause in accordance with Article 26 of the OECD Model Convention.
“I am very pleased with this development,” commented Danish Treasurer, Kristian Jensen. “Within the space of a few months we have concluded agreements with all the major European countries that once operated ‘bank secrecy’ regimes – Luxembourg, Belgium, Switzerland and now Austria. Outside Europe, Singapore and a number of smaller overseas jurisdictions have also concluded agreements on information exchange.”
The aforementioned agreements will be tabled in parliament in October, the tax authority informed in a statement, noting that they must also be approved by the other parties before they can take effect.
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