A non-resident invests in an Austrian real-estate investment fund. In this case, the Austrian investment company is bound by §§ 98 to 100 Austrian Income Tax Act to deduct 25 % withholding tax of that part of the earnings, which originates from Austrian real estate. In my opinion, this rule is not executable. If the earnings of the fund are paid to the non-resident investor by a foreign bank, his tax liability in Austria is fulfilled with this deduction. But if an Austrian bank pays the earnings to the investor, it has to deduct additionally 25 % of Austrian withholding tax on capital yields.