Austrian Banking Industry Has to Fear Bank Tax Increase

People ♦ Published: December 14, 2013; 17:30 ♦ (Vindobona)

At the end of this week, the Austrian social democrats and the conservatives agreed on continuing their coalition. Although the fiscal strategy is not fully known yet, a bank tax increase is likely.

Austrian Banking Industry Has to Fear Bank Tax Increase / Picture: © Vindobona.org

Since 2010, the Austrian banking sector has to perform extraordinary taxes. Due to the partial nationalization of VBAG in spring 2013, the bank tax was raised from EUR 500m to EUR 625m. A replacement of the bank tax by a participation in the nationalized Hypo Group Alpe Adria was discussed in the last weeks. However, this alternative seems to be rather unlikely.

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Nationalization, Kommunalkredit, VBAG, Hypo Group Alpe Adria, Taxation, Lending, Bank Taxes, Karl Sevelda, Michael Ikrath, Banking Industry, Competitiveness
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