Austria and Luxembourg have signed an accord to amend an existing double taxation treaty so that it provides for the exchange of tax information. Austrian finance minister, Josef Proell, at the time of signing, said: "This agreement with Luxembourg is an important step forward in fulfilling our duty to adopt the new OECD standards for tax transparency. This is our first amendment to an existing treaty to adapt it to the new Article 26 OECD standard". In future bank information can also be passed on, subject to a formal request backed up with evidence.
Proell finished by saying, "we keep to our word - our native bank secrecy stays put. We do not excuse tax irregularities, but we say a clear no to gratuitous and unfounded access to account details".
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