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Vienna, 18.10.2018 Löger: Double taxation convention with China to be renegotiated Austrian export trade to be strengthened, with introduction of state-of-the-art regulatory system for combatting tax avoidance practices

Twenty-seven years after the current agreement entered into force, Finance Minister Hartwig Löger, together with Chinese Tax Minister Wang Jung, has now laid the cornerstone for a revision of the double taxation convention in Beijing. Minister Löger and his Chinese counterpart agreed at their working meeting that there had been considerable changes to economic conditions and that the current rules were therefore no longer timely. Speaking at their meeting, Löger stated "Old rules in a completely new environment represent an obstacle to our export trade. The new agreement should meet the most modern standards and be a driving force for our economy,".

Löger has argued that the investments should be covered both by the Double Taxation Convention and by the Belt and Road Initiative, which is intended to bring Eurasia closer together: "The investment volume is enormous. Austrian know-how is an essential part of such a forward-looking project. Thus, we want to position our companies well and create ideal framework conditions enabling them to be the strongest possible participants".

The Austrian Finance Minister considers that a further goal of the negotiations is the fight against tax avoidance practices and tax fraud. "China is the most important trading partner in Asia. This makes it all the more important to define effective regulations in the fight against tax avoidance and tax fraud and to close any gaps in the current agreement. Moreover, it is important to strengthen legal and investment security with a new double taxation agreement: "This is a confidence-building measure in Austrian-Chinese trade relations", Löger stated.