Banking and Finance (27)

Corporate Law (20)

Employment (15)

Insolvency and Restructuring (20)

Real Estate (16)

Tax Law (19)

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Terms found Action for the restoration of ownership Amended dismissal Annuity Appeal against a decision Asset Assignment of Claims (Cession) Austrian Public Employment Service (AMS) Banking secrecy Bankruptcy proceedings BaSAG Book value / carrying amount Branch Brokerage Agreement Building Law Business Business entity Call for Tenders Capitalisation Casual Employment Certification Change in Operations Collective Bargaining Agreement Company Agreement Company Pension Comparison of business assets Compensation Compliance Compulsory enforcement Consumer Protection Act Corporate Reorganisation Act (URG) Corporation Covenants Debt restructuring Debtor Declaration of consent Decree Deferral Discount Dividend Double taxation Double-entry bookkeeping Easement Employee Stock Ownership Equity Equity loan Factoring Fees Act Financial plan Foreclosure sale Foreign-currency loan General partnership General Protection Against Dismissal Global assignment GmbH Group taxation Guarantee Guarantee credit Hidden reserves Hire Purchase Insolvency Insolvency Act Insolvency administrator Insolvency estate Insolvency register Inspection of the Land Register Inventory Land Register Letter of comfort Lien Limited partnership Liquidation Loan Loss Carryforward Maternity leave Merger Natural person Nominal value Option Outsourcing Part-time work Partnership Personal insolvency Pledge principle Preliminary decision on an appeal Progression Prohibition of alienation and encumbrance Prohibition on the repayment of deposits Property income tax Provision Proxy Public Limited Company Reallast Repayment Restriction on Transfer Restructuring proceedings Retention of title Revision Right of first refusal Right of retention Rights in rem Self-consumption Severance Pay Severance Pay new Severance Pay old Shareholder loans Short-time work Silent partnership Skimming procedure Social Plan Sole Proprietorship Standard value Stock Subscription right Superstruction Supervisory Board Tenancy agreement Works Council

Banking secrecy

What is banking secrecy?

Banking secrecy prohibits credit institutions from disclosing or utilising information entrusted to them in the course of their business relationship with their customers. In principle, banking secrecy also provides protection against enquiries by the tax authorities. However, the obligation to maintain banking secrecy does not apply in connection with criminal proceedings brought before a court, or with criminal proceedings brought before the financial criminal authority for intentional financial offences, excluding financial administrative offences.

Until 2009, banking secrecy was protected in the same way for foreign customers of an Austrian bank as it was for domestic customers, meaning that the disclosure of information to a foreign tax authority required the initiation of criminal proceedings abroad. However, as a result of massive international political pressure, the protection afforded by banking secrecy to foreign nationals was relaxed. Austria undertook to implement the OECD standards by amending or concluding double taxation agreements (DTAs) or by concluding its own tax information exchange agreements (TIEAs). Since 2009, all DTAs and TIEAs concluded by Austria have complied with the OECD standard, which stipulates, in particular, that banking secrecy is not a ground for refusing to provide information. The disclosure of information to foreign tax authorities in breach of Austrian banking secrecy is therefore also permitted in relation to non-residents for tax purposes, even outside the context of criminal proceedings. However, there is no obligation to engage in automatic exchange of information. The foreign tax authority must address its request for administrative assistance to the Federal Ministry of Finance (BMF). ‘Fishing expeditions’ are not permitted in this context. Rather, the provision of information is conditional upon the existence of a specific request from the foreign tax authority; in particular, the identity of the person subject to the investigation or enquiry, the names and addresses of persons presumed to be in possession of the requested information, the tax-related purpose for which the information is sought, etc., are required for information to be disclosed to the foreign tax authority.

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