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Austria: Amendments to CRS implementing law

Austria: Amendments to CRS implementing law

The government in Austria has issued amendments to the law implementing the common reporting standard (CRS) regime.


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The measures covered in the amendments include:

  • Procedures for financial institutions when certain documents related to existing accounts of legal entities are inaccurate
  • Definition of the term “investment undertaking”
  • Definition of “non-reporting financial institutions”
  • Updated definition of “dormant accounts” and other accounts with a low risk of being misused for tax evasion under exempt accounts
  • Violation of due diligence, regarding abuse of legal provision to circumvent the obligation to register
  • Control measures for reporting financial institutions

Read an October 2019 report [PDF 78 KB] prepared by the KPMG member firm in Austria 

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