The EU’s council in Luxembourg on 16 October 2014 at a meeting the finance ministers decided that Austria being granted an extra year to improve the infrastructure desired to comply with the new law. Under the new law tax authorities in the EU will be required to exchange information on interest, dividends and other income, as well as account balances and sales proceeds from financial assets. They are already required to share information on income from employment, directors’ fees, life insurance, pensions and property under an existing law.
Additionally, Austria assumed it required more time to create a new reporting system and was given until 2018 to comply.
