Tax reform - the banking package
The summer was not only hot in the meteorological sense:
A new package of legal reforms, the so-called “banking package,” were passed by the Austrian parliament in July and already published in the federal gazette on 14/08/2015 (Federal Law Gazette I Nr. 116/2015).
The controversial laws of the banking package are
- The federal act on the setting up of an account register and the ability to inspect these accounts (Account Register and Inspecting of Accounts Act “KontRegG”)
- the federal act on the mandatory reporting of outflows and inflows of capital (Act on The Mandatory Reporting of Capital Outflows)
The banking package affects not only banks but also account holders, meaning all persons who maintain some kind of account in an Austrian bank (giro accounts, custodial accounts, etc.).