Switzerland and Austria have signed a withholding tax agreement
set to start in 2013.

It means Austria citizens, with accounts in Switzerland, can tax
their existing banking relationships in Switzerland either by
making a one-off tax payment, or by disclosing their accounts.

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It follows Swiss tax agreements with Germany and the United
Kingdom.

 

Market access also agreed

Future investment income of Austrian bank clients in Switzerland
will be subject to withholding tax, and the proceeds of this will
be transferred anonymously to the Austrian authorities by
Switzerland.

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Mutual market for financial services will be improved as part of
the agreement.

“The signing of the three agreements
underlines Switzerland’s and the banks in Switzerland’s commitment
to acquire and manage taxed assets only,”the Swiss Bankers
Association said in a statement.

The agreement requires the approval of parliament in both
countries.