Austria: Federal Fiscal Court rules that voluntary self-disclosure of missed UBO filings does not require immediate UBO filing to qualify for exemption from late filing penalties

If a UBO filing is missed, financial penalties may be avoided through a voluntary self-disclosure pursuant to the Austrian Financial Criminal Act. A valid voluntary self-disclosure generally requires (i) a statement of misconduct, (ii) disclosure of material circumstances, (iii) an act of restitution, (iv) identification of the responsible person, and (v) filing prior to detection or prosecution. However, in addition to these general requirements, the Austrian Tax Authorities mandate an immediate UBO filing within the Austrian Business Service Portal. Even if a voluntary self-disclosure is submitted in accordance with the Austrian Financial Criminal Act, the submission of this updated UBO filing becomes an additional relevant factor in practice. This is peculiar because the Austrian Tax Authorities typically become aware of the misconduct through the voluntary-self disclosure itself, which, by its nature, reveals all facts leading to a breach of reporting obligations under the BORA. As a result, even after full disclosure of the misconduct, the outstanding UBO filing creates uncertainty regarding the effectiveness of the voluntary self-disclosure.

On 14 January 2025, the Austrian Federal Fiscal Court ruled that an immediate UBO filing is not legally required and, therefore, not necessary for a fully valid voluntary self-disclosure. A correctly submitted voluntary self-disclosure sufficiently includes, among other elements, a description of the misconduct and the disclosure of UBO information required by law, thereby meeting the requirements of the Austrian Financial Criminal Act.

This ruling is the first decision by the Austrian Federal Fiscal Court to clarify whether a UBO filing must be submitted immediately in such cases. The outcome benefits all entities and individuals who regularly face the negative consequences of the BORA (e.g. managing directors) by removing an additional barrier to voluntary self-disclosure.

authors: Stefan Egger, Lukas Lobinger