Austria: Significant Increase in Bank Levy

Politics ♦ Published: January 10, 2014; 22:17 ♦ (Vindobona)

In 2014, the bank levy is expected to increase substantially. Austrian banks regard the levy as massive competitive disadvantage.

Austria: Significant Increase in Bank Levy / Picture: © Wikimedia Commons / SKopp [Public domain]

The new Austrian government has agreed on a bank tax hike. The Austrian banking sector has to perform extraordinary taxes since 2010. Due to the partial nationalization of VBAG in spring 2013, the bank tax was raised from EUR 500m to EUR 625m. In 2014, the bank tax is expected to reach about € 700m.

According representatives of the Austrian…