U.S. Tax Treaties with Switzerland and Austria Include New Enforcement Provisions and Presage New Cooperation

In pending negotiations of an income tax treaty with both Austria and Switzerland the United States has succeeded in including several new enforcement provisions. Together with related criminal cooperation agreements the U.S. Government is negotiating or has already negotiated with these governments, the U.S. Government will have significant new mechanisms to enforce tax cases involving transactions and/or persons with these countries. Perhaps most importantly these developments are important because both Austria and Switzerland have financial secrecy legislation and do substantial business by attracting foreign investment...(more)