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Sharp decline in Creation of New Foundations
People ♦
Published: November 10, 2010; 14:50 ♦ (Vindobona)
In particular, legal uncertainty and abolished tax advantages cause the creation of fewer foundations in Austria.
The new tax plans of the government and the recent developments in Law offer little incentive to establish foundations. Accordingly, the establishment of new private foundations has declined significantly.
Veit Sorger, President of the Verband Österreichischer Privatstiftungen (Association of Austrian Private Foundations) and also president of the Industriellenvereinigung…
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