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Australia's DTA With Austria To Be Updated

Friday, February 5, 2010

Australia’s Assistant Treasurer, Nick Sherry, has announced that negotiations to update Australia's double taxation agreement with Austria will take place in March 2010.

"Australia and Austria share close links through a number of bilateral agreements and historic migration dating back 200 years," Nick Sherry observed, continuing:

"Our economic and trade relationship is growing and modernizing the treaty will further enhance this relationship."

"These negotiations are part of the government's ongoing effort to ensure Australia's tax treaties facilitate and encourage cross-border investment while meeting the highest standards of tax integrity," he added.

The Treasurer went on to state that: "Australia welcomes Austria's recent commitment to include in its treaties the internationally agreed standard for exchange of information, including banking information. Austria's decision on this issue has opened the way for the start of formal negotiations to modernize the existing tax treaty, which has not been amended since it was signed in 1986."

"Limiting withholding taxes in both countries to rates comparable to those included in Australia's recent tax treaties – a key part of these negotiations – will serve to strengthen our trade and investment relationship between our two countries," he added.

The Australian authorities are inviting written comments from interested parties on how the tax arrangements provided under the treaty with Austria can be updated to best reflect the modern needs of businesses and individuals. Submissions are requested by March 8, 2010.