Switzerland has to answer to Austria over Stronach tax issue

Switzerland has to deliver to Austria the information over billionaire Frank Stronach's financial situation, as the Federal Court (TF) confirmed today, rejecting a lodged appeal by 84-year-old Austro-Canadian man.

The Austrian authorities sent Bern in November 2015 a request for administrative assistance. Vienna wants to determine whether the 84-year old billionaire has paid the taxes.

The former leader of the Magna International empire, the car parts manufacturer, would receive management fees and commissions from the Magna group companies and did not correctly declared his worldwide income.

Last March, the Federal Administrative Court (FAC) decided that there are no legal reasons to deny the sending of documents to Vienna. Now the TF has rejected the Stronach's appeanl, confirming the version of the FAC.