By Rob Hyde
Austria has won back 416,7 million Euros deposited in Switzerland since the two countries signed a special tax agreement.
Since the start of the new information-exchange at the start of 2013, 13,600 Austrians have come forward and divulged details of assets they have based in Switzerland.
The investors, who managed to declare their secret investments by May 2013, will now see their funds taxed at a rate of between 15-38 per cent.
As this will generate more money for the state coffers, finance minister Maria Fekter has called it a “good day for Austria and all the honest tax paying men and women in this country.”
“These are 13,600 repentant whose assets – which they have parked their assets in Switzerland – will now be taxed if they were not in the past.”
Finance secretary Andreas Schieder (SPÖ) said: “This is an important step in the fight against tax fraud. It shows that the agreement with Switzerland makes sense and is correct.”
Funds from Austrian-owned assets deposited in nearby Liechtenstein are also due to soon be paid back to Austria, following the signing of a tax similar tax agreement.