UK- Austria Tax convention
A new protocol to the Double Taxation Convention between the UK and Austria was recently signed in Vienna by the UK Ambassador to Austria and the Austrian State Secretary.
The protocol updates the Convention in order to update the exchange of information clauses to bring the Convention in line with the OECD’s model. Briefly, the Article is drafted to allow for the exchange of information necessary to prevent fraud.
The protocol will take force once both countries have finalised the legislative procedures. The provisions will then take effect from the following calendar year.