Austria has been criticised by the EC for
prohibiting foreign certified public accountants and credit
institutions from being appointed as fiscal representatives for
investors in investment funds or real estate funds.

The EC, which has referred Austria to the
Court of Justice, said the prohibition is discriminatory and
incompatible with an EU-wide freedom to provide services.

Other reasons for Austria’s referral to the
Court of Justice include its requirement for foreign investment
funds, real estate funds and credit institutions to appoint a
fiscal representative.

The referral forms part of an EC project to
penalise EU member states that have failed to comply with the
commission’s opinions on discriminatory tax provisions.

Germany and Portugal have also been referred
to the Court of Justice.