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Fiscal Policy

Slovenia to Raise VAT and Sell 15 State Enterpises

Slovenia has announced to put 15 state companies up for sale and raise VAT in order to acquire revenues and avoid international bailout.

May 10, 2013

Maria Fekter: Hot-Tempered Lady At the Fireplace

Raiffeisen Centralbank (RZB) organized a „fireplace chat“ with Finance Minister Maria Fekter which took place on May 7 in Vienna.

May 8, 2013

Slovenia: No Agreement on Fiscal Rule

Coalition and opposition remain divided over the question on when to implement the new fiscal law.

May 6, 2013

Cyprus: Increase of Taxes Resolved

The Cyprian parliament has voted for an increase of taxes. Among other things, business taxes will increase from 10 % to 12.5 %.

April 19, 2013

Forbes: “Austere Baltic States Outgrow Their European Neighbors”

Forbes magazine has dedicated a comprehensive article about how the Baltic countries manage to conquer the financial crisis.

April 17, 2013

Slovenia to Emerge From Quagmire By Itself?

A recent report by the OECD paints a dim picture of the country’s economic future.

April 17, 2013

Convergence Programme in Hungary: Faster Growth, Lower Deficit

The updated Convergence Programme covering the period 2013-2016 projects faster growth and a lower deficit for the upcoming years.

April 16, 2013

New Fiscal Rules in EU Six-Pack to Benefit CEE5

New fiscal rules should reduce risk of self-defeating austerity. There is no need for CEE countries to raise taxes if they stick to growth-friendly policies and cap real increase of expenditures below 1%.

April 15, 2013

Bulgaria: New Coca-Cola Headquarters in Sofia

The world’s largest soft drink producer Coca-Cola is to relocate one of its competence centers from Belgium to Bulgaria.

April 15, 2013

Austria: Great Demand in Two New Federal Bonds

In a double syndicated loan, the Austrian state has taken out € 4.5bn and issued two new federal bonds.

April 11, 2013

Russia: Economic Growth Below Expectations

The Russian economy is flatlining. The government and the Central Bank of Russia (CBR) blame each other for the current state of affairs.

April 8, 2013

Cyprus: Prone to Recession

Despite of the bail-out package, the country is threatened by a deep recession in the coming two years.

April 3, 2013

Austria: How to Benefit from Positive Labor Market Situation

Increasing number of employees should be reason to initiate economic stimuli and focus on investment incentives, states Leitl.

April 2, 2013

Lithuania and Latvia Preparing for Euro

The Baltic finance ministers emphasize sustainable growth and euro importance.

April 2, 2013

2012: Significant Increase in Austrian Construction Industry

According to the latest data issued by Statistik Austria, the construction industry has increased its output significantly in 2012.

April 2, 2013

Bulgaria: Budget Deficit Amounting to BGN 732.0m

The budget balance under the Consolidated Fiscal Programme (CFP) as of end-February 2013 is negative, amounting to BGN 732.0 million.

April 2, 2013

Cyprus: Anastasiades Comes Under Suspicion

President Nikos Anastasiades is in dire straits as he is accused of having transferred huge amounts of money to foreign countries and having warned relatives. In the meantime, the austerity package is almost set.

April 2, 2013

Lithuania: Turnover of Enterprises in Retail Increased By 0.9 %

In February 2013, against February 2012, the turnover of enterprises engaged in wholesale and retail trade in motor vehicles and motorcycles was on the increase.

March 30, 2013

EVN to Get Support by State Secretary

State Secretary Lopatka intervened in EVN’s dispute with Bulgarian government. He urges Bulgaria to ensure protection of investments.

March 29, 2013

Austria: Budget Deficit in 2012 Lower Than Expected

The country has reached a significantly lower deficit than the government had expected. According to Statistik Austria, the deficit was at 2.5 % of GDP in 2011, equaling € 7.7bn.

March 28, 2013

CESEE: CR More Attractive for FDI Than SK

Foreign investors regard the Czech Republic more attractive than Slovakia.

March 27, 2013

Poland: VAT Expected to Remain At 23 %

Prime Minister Tusk announced that there will be no return to the 22 % VAT which was planned for 2014.

March 27, 2013

Hungary: Tax Overhaul Finalized

Minister for National Economy: taxation system completed - time for fine-tuning.

March 27, 2013

Austria: Tax Burden Lessens With Higher Income

According to an OECD study only three industrialized nations (Austria, Germany and Spain) show a degressive tax system.

March 26, 2013

Medvedev Vexed Over EU

In case the government will not come to conclusion how to generate the required money (€ 5.8bn), the ECB will cut off the money supply for Cyprus’ ramshackle banks.

March 25, 2013

Croatia: Sluggish Economic Recovery

The improvement in the financing conditions in international financial markets in the second half of 2012 mitigated the risks to Croatias financial stability to an extent.

March 25, 2013

Cyprus: Agreement on Bank Asset Tax

Today, the Cyprian government has come to a solution on the compulsory charges on bank accounts.

March 23, 2013

Cyprus: Votes on Mandatory Levy

In case the government will not come to conclusion how to generate the required money (€ 5.8bn), the ECB will cut off the money supply for Cyprus’ ramshackle banks.

March 23, 2013

Hungary: In a Debt Crisis Soon?

New all-time high in debts was reported. Hungarian populations hopes for fast political turn-around.

March 22, 2013

Fekter: “Austrians can rest easy knowing that their bank deposits are safe.”

Current situation in Cyprus is an exceptional case and not comparable in any way with Austria.

March 22, 2013

Poland’s Finance Minister Shows Optimism

Deputy Finance Minister Majszczyk announced that Poland will not exeed the planned budget deficit and forcasts economic growth for the second half of the year.

March 22, 2013

Cyprus: Negotiations About “Plan B“ Today

After days of negotiations in Moscow, Cyprian Finance Minister had to return empty-handed. Talks about “plan B” will continue today.

March 22, 2013

Austria Showing Less Reforming Zeal

According to the so-called „D-A-CH-Reformbarometer“, a study which was commissioned by the Chamber of Commerce, Austria’s will to reform has diminished.

March 20, 2013

Austria: How to Keep Enterprises (from Drifting Away)

At the moment, there is a subtle fear in Austria’s economy that large enterprises are going to outsource to foreign countries which is currently the case with voestalpine.

March 19, 2013

Austria: Welfare Fraud Costs € 1bn Per Year

According to a study, which was commissioned by the Chamber of Commerce (WKO) and carried out by the Johannes-Kepler University in Linz, social fraud causes a smaller amount of economic damage than fiscal evation and black labor.

March 19, 2013

EVN to Start Arbitration Procedure

Today, Austrian power supply company EVN informed the state of Bulgaria about opening arbitration proceedings.

March 19, 2013

Cyprus: Small Investors To Be Excluded From Tax

After protests among Cyprus‘ citizens arised and harsh criticism was expressed, the government now intends to exclude small savers from the compulsary tax and grant them a relief.

March 19, 2013

Czech Republic: Opposition Rejects Austerity Measures

Opposition leader Sobotka was re-elected last Friday as chairman of the Social Democrats. In an interview with Reuters he explains why the government needs to slow down on austerity measures.

March 18, 2013

Poland: Tusk Appears Optimistic On 2013 Budget

Prime Minister, Donald Tusk remains hopeful on fulfilling the 2013 budget criteria, despite of a disadvantageous macro economical outlook.

March 18, 2013

Slovakia: Fico’s Plans For The Future

In a speech at the congress of the Czech senior opposition Social Democrats (CSSD) on Saturday, Prime Minister of Slovakia, Robert Fico explained his future plans.

March 18, 2013

Hungary: Dissatisfaction Towards Government Grows

Right-wing leader Viktor Orban has been in parliament for almost three years. But the promised reforms and changes to improve the economic situation came to nothing. Protests are arising.

March 18, 2013

Cyprus to Receive € 10bn in EU Aid Money

Russia being the biggest investor in Cyprus offered extension of credits. In return, austerity measures and reforms are demanded.

March 16, 2013

Austria: Mitterlehner Still Optimistic For Automotive Industry

The massive decline of 23 % in the motor vehicle trade in the first ten days of March 2013 does apparently not concern Austria’s economy minister Reinhold Mitterlehner.

March 15, 2013

Poland Sharpens Austerity Measures

In order to fulfill the Maastricht Criteria sustainably, Poland wants to reduce the budget deficit to 1.0% of GDP in 2015.

March 15, 2013

Hungary: Orban Rejects Criticisms

After making amendments to the Hungarian constitution, Prime Minister Viktor Orban and his leading Fidezs party have to face harsh criticisms. EU Justice Commissoner Viviane Reding announced to take measures.

March 15, 2013

Meeting of German-speaking Finance Ministers in Berlin

On Wednesday, 13 March 2013, German Finance Minister Dr Wolfgang Schäuble welcomed the German-speaking Finance Ministers of Europe to talks in Berlin. The talks focused on current finance and fiscal policy issues.

March 15, 2013

Austria: EVN To Sell Devoll Hydropower To Statkraft A. S.

Agreement regarding the sale of EVN AG's stake in Devoll Hydropower ShA, a project entity for the construction of a hydro power plant in Albania, to Statkraft A.S.

March 14, 2013

Economic Convergence: Slovenia Falls Back

In 2012, GDP in the euro area declined by 0.5%, as economic situation also worsened in the core countries. The gap by which Slovenia trails the euro area average further deepened.

March 14, 2013

Slovenia: New Coalition Stands

Slovenia´s new Prime Minister Alenka Bratusek is the head of a four-party-coalition.

March 13, 2013

Turkey: Economic Imbalances Become More Visible

Unlike the Eurozone, Turkey´s economy still shows substantial growth rates. However, Turkey suffers from a number of structural weaknesses.

March 13, 2013
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