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23 May 2018

Corporate and other legal entities incorporated or managed in Austria must register their “ultimate beneficial owners” with a newly established Austrian ultimate beneficial owner registry no later than 1 June 2018.

According to the ultimate beneficial owner registry law (Wirtschaftliche Eigentümer Registergesetz (WiEReG)), entities including foundations, trusts, and trust-like arrangements:

  • Must obtain and hold adequate, accurate, and current information on their ultimate beneficial ownership—including details of the beneficial interests held
  • Are required to analyze and understand ownership and control structures throughout all ownership levels of corporate groups, so as to understand their ultimate beneficial owners
  • Must review and update annually all registered data of their beneficial owners
  • Must disclose their ultimate beneficial owners and provide documentation to financial intuitions and legal and tax counsels (whose clients they may be)

The deadline for initial registration is 1 June 2018. Newly established corporations must register their ultimate beneficial owners within four weeks of incorporation. If there are changes, the registration must be amended within four weeks.

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Read a May 2018 report [PDF 323 KB] prepared by the KPMG member firm in Austria

 

Other items briefly described in this KPMG report concern:

  • A draft bill on legal requirements for tax compliance management systems
  • A court case on stock options and tax deduction business expense for employers
  • A court decision that legal defense costs are deductible
  • A court decision concerning an interest deduction on leveraged acquisition of participation in a group member
  • Administration opinion concerning whether “cloud mining” gives rise to a permanent establishment
  • A court decision on revision proceedings are inequitable if the facts were already examined in a previous tax audit

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

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