On 11 July 2018, Austria's Federal Council (upper house of parliament) adopted two declarations approved by the National Council (lower house) on 4 July concerning the effective date of the multilateral agreements for the exchange of Country-by-Country (CbC) Reports (CbC MCAA) and for the exchange of financial account information (CRS MCAA), which provide for the relevant exchange of information under the Mutual Assistance Convention. Both declarations note that although the Mutual Assistance Convention generally applies for a party to the Convention from 1 January of the year following its entry into force for that party, information may be exchanged under the Convention in respect of earlier tax periods if agreed to by any two or more parties to the Convention. Based on this, the declarations provide that Austria has deemed the Convention effective in respect of the CbC MCAA and CRS MCAA for earlier periods in relation to other parties that have made similar declarations, irrespective of the taxable periods or charges to tax to which such information relates in the receiving jurisdiction.
With respect to CbC report exchange in particular, this means Austria is able to exchange reports in respect of the 2016 and subsequent fiscal years with a number of countries where the Mutual Convention is not otherwise effective for 2016, provided that such other party has also made a declaration for early exchange. Such countries include Brazil, Liechtenstein, Malaysia, Singapore, and Switzerland. It is expected that the OECD CbC exchange relationship webpage will be updated to reflect the change in status for early exchange.
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