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New Tax Treaty with Japan has come into effect
A new DTA between Austria and Japan entered into force on 01.01.2019 and replaced the previous DTA from 1961. The new DTA basically follows the most recent OECD model tax convention. Significant changes in the new DTA concern the taxation of company profits, withholding tax exemptions for group dividends, interests, licensing fees and the sale of shares.
2019年2月28日
EU Commission: Japanese data protection is equivalent.
The Commission’s decision dated 23.01.2019 allows data to flow freely between Japan and the EU. The Japanese data protection laws have been amended so that they comply with GDPR requirements. This decision is also a facilitation for European companies. They do not need to provide any further guarantees when transferring personal data to Japan.
2019年2月1日
The New Year brings new investor-compensation schemes
The Austrian investor-compensation scheme was fundamentally reorganized by the 1st of January 2019. Prior existing investor-compensation schemes have been merged into one institution, the Einlagensicherung Austria GmbH; Only the Banks of Erste Group and Sparkassen keep their own institution for investor-compensation: the Sparkassen Haftungs GmbH. Any credit institution seated in Austria that receives customer deposits or provides investment services subject to compulsory insurance must be a member of the Einlagensicherung Austria GmbH.
2019年1月17日
The EU – Parliament endorses free trade agreement with Japan
The free trade agreement JEFTA between the European Union and Japan is ratified. The EU – parliamentarians voted for the agreement which had been negotiated and proposed on 17.07.2018 in the European Parliament with 474 to 156 votes on 12.12.2018. By this, the world’s largest free trade zone is established. The JEFTA agreement intends the reduction of all tariffs on goods. It will enter into force on 01.02.2019.
2018年12月21日
The era of independent supervisory boards …
The recent resignation of the chairman of the Supervisory Board of one of the biggest Austrian banks, brings to mind the Fit & Proper of the Austrian Financial Supervisory Authority requirements published on 30.08.2018. Based on the new guidelines of the European Banking Authority, the new circular is even stricter than its predecessor. Important requirements include a thorough assessment of the professional qualifications; an assessment regarding the collective suitability; diversity; the biggest challenge, however, is the requirement not only of propriety but in significant credit institutions also to appoint at least two independent supervisory board members.
2018年12月10日