Austria, Chile Sign DTA

by Ulrika Lomas, Tax-News.com, Brussels

10 December 2012

Austria’s Financial State Secretary Andreas Schieder and Chile’s Finance Minister Felipe Larrain Bascunan have recently signed a bilateral double taxation agreement (DTA) between Austria and Chile.

According to the Austrian finance ministry, the DTA with Chile is the 32nd agreement that Austria has signed since 2009.

Commenting on the signing of the accord, Schieder emphasized that the treaty will ensure greater transparency and certainty in tax matters for Austrian companies active in Chile, stating that the DTA marks an important step in the deepening of economic relations between Chile and Austria.

Schieder highlighted the fact that Chile ranks behind Brazil as Austria’s most important trading partner in South America, particularly in the area of engineering products and raw materials. Austrian businesses see new business opportunities in the energy, infrastructure, and environmental technology sectors, Schieder explained, pointing out that there are already approximately 40 Austrian subsidiaries operating in Chile.

The finance ministry made known that the trade surplus amounted to just over EUR10m (USD12.9m) last year, with exports from Austria standing at EUR146m and imports into Austria amounting to around EUR136m.

Concluding, the finance ministry underscored that Chile’s political and institutional stability coupled with the existing Associations Agreement between the European Union and Chile will further support growth in the years 2013 to 2017. Chile is "a very attractive location for Austria," the ministry stated.

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