Fiscal Policy

WIFO: South Europe Needs Change in Strategy

The Austrian Institute of Economic Research (WIFO) underlines that the austerity policy in South European countries did not help at all.

December 12, 2012

„Eurobonds Are No Solution“

Latvia´s Prime Minister Valdis Dombrovskis argues that euro-bonds may be implemented at the end of the convergence process.

December 11, 2012

Ukraine Faces Recession

For the first time since 2009, Ukraine recorded a negative growth rate last quarter. Weak exports and a shrinking industrial sector are the most pressing issues.

December 8, 2012

Slovenia Sharpens Austerity Measures

The Slovenian Parliament resolved the budgets for 2013 and 2014. The country tries to fulfill the Maastricht criteria.

December 8, 2012

Fiscal Policy: OECD Warns Slovakia

OECD´s Secretary General Angel Gurria calls Slovakia to improve its fiscal efficiency. The tax collection must be professionalized, he says.

December 8, 2012

Slovakia: Tax Revenues Declining

This year, the Slovak government will record a decrease in tax intake by € 230m. Despite higher tax rates, the trend will continue in the next three years.

December 6, 2012

Polish Government Retains Budget Assumptions for 2013

Poland´s Prime Minister Donald Tusk said that there is no need to change the economic assumptions at the moment.

December 5, 2012

Slovakia: Flat Tax Replaced New Tax Model

After nine years, Slovakia abolishes the flat tax. Corporate profit tax was increased from 19% to 23%.

December 5, 2012

Serbian Government Emphasizes Austerity Policy

Next year, the Serbian budget deficit is expected to come at 3.3% of GDP. Until 2015, the deficit will be lowered further, the government says.

December 4, 2012

“Eurozone On Stable Ground”

Austria´s Minister of Finance Maria Fekter is optimistic. Spain, Portugal and Ireland are making substantial progress. However, the crisis is not over yet, she notes.

December 1, 2012

„Property Taxes are Nonsense“

Austria´s Minister of Finance Maria Fekter reaffirms that property taxes must be prevented.

November 30, 2012

Serbia: Budget Deficit Soared by 22.4%

This development was supported by sharper expenditures enlargement (+8.0% yoy) while fairly small revenue increase (+5.1% yoy), delivering public debt/GDP to 53.8% in September 2012.

November 28, 2012

Fekter: “We Have to Avoid Another Haircut”

Austria´s Minister of Finance Maria Fekter argues that another haircut would “constitute abuse of public office.”

November 28, 2012

Romania: Fiscal Situation Improves

“Public budget deficit amounted to only 1.2% of GDP at the end of September, which was better than we had expected.” Raiffeisen Research states.

November 27, 2012

CESEE: Eurozone crisis and Austerity Push Half of the Region into Recession

Export weakness and suppressed domestic demand will push nearly half of the CESEE region into recession this year, including the Czech Republic, Hungary, Slovenia, and nearly all Western Balkan countries.

November 26, 2012

Hungary: Small Concession for Banking Industry

The banking sector in Hungary is under pressure. The government in Budapest decided to pay back debts of municipalities by the end of the year.

November 24, 2012

S&P Downgrades Hungary

The U.S. rating agency lowers Hungary´s sovereign debt rating from “BB+” to “BB”.

November 23, 2012

Croatia Plans to Introduce Property Taxes

Croatia´s Finance Minister Slavko Linic plans to introduce a property tax next year. The rate will come at 1.5%.

November 23, 2012

Austrian Industrial Federation Wants Higher VAT

Georg Kapsch, President of the Federation of Austrian Industries (I) calls for a VAT increase. The VAT rate remains unchanged at 20% of decades.

November 23, 2012

“We shall maintain tough position on EU budget until the very end”

Austrian Vice-Chancellor Spindelegger: “unambiguous about Austria’s position on EU financial framework“.

November 22, 2012

Czech Republic: Budget Approved

Next year, the Czech state budget is planned to reach 2.9% of GDP.

November 22, 2012

Austria: Majority Support Property Taxes

A clear majority of Austrian citizens think that the corporate tax rate should increase.

November 20, 2012

Serbian Government to Raise Corporate Tax

The austerity pressure forces the Serbian government to increase taxes. Serbia´s corporate tax will move from 10% to 15%.

November 20, 2012

Vienna´s Debt Level Grows Considerably

In 2013, the public debt level of Austria´s capital will increase to € 4.34bn.

November 19, 2012

Hungary: Next Austerity Package Resolved

The Hungarian government is caught between the need to lower the budget deficit and to support economic growth.

November 17, 2012

S&P Upgrades Latvia

The Baltic country performs well, S&P underlines. The long and short-term sovereign credit rating moved from “BBB-/A-3” to “BBB/A-2”.

November 15, 2012

EU Budget: Austria Faces Massive Cuts

After the negotiations have failed, the Commission presented a new draft. Major cuts for Austria seem inevitable.

November 14, 2012

Hungary: Head of Banking Association Resigns

The chairman of the Hungarian Banking Association Mihaly Patai steps down. He explains that the Hungarian state overburdens the banking sector.

November 13, 2012

Austria: Black Labor Costs € 3.5bn Per Year

The economist Friedrich Schneider explains that the size of black labor comes at € 19.6bn per year in Austria.

November 12, 2012

Slovenia Still Rules Out Calling for Rescue

The Slovenian government tries to prevent to be bailed out by the EU and IMF by all means. However, experts fear that Slovenia is the next candidate for the safety net.

November 10, 2012

EU Budget: Austria Threatens to Veto

Austria´s Vice Chancellor Michael Spindelegger explains that cuts in the agricultural sector will not be accepted.

November 10, 2012

Fekter Underlines Austerity Policy

Fitch rating agency assigns its best triple A rating to Austria, praising in particular the stability and reform package approved in March.

November 10, 2012

Hungary´s Budget Deficit Below 3.0%

The EU Commission estimates that Hungary´s budget deficit will comply with the Maastricht Criteria in 2012 and 2013. However, the deficit may exceed the 3.0% threshold in 2014.

November 8, 2012

Austria: Income Taxes on the Rise

Total wage tax revenue for 2011 rose by 6.0%, gross earnings by 3.6%. About 72% of the income taxes were paid by male workers.

November 8, 2012

Czech Government Overcomes Vote of Confidence

The majority of the members of the Czech Parliament approved the amended austerity program.

November 7, 2012

IHS: Collapse of Eurozone would Cost 157,000 Jobs

The Austrian Institute of Advances Studies IHS says that Austria´s economic growth would be lower by 11 percentage points until 2016.

November 5, 2012

Hybrid Bond for Hypo Group

In order to cover the capital shortfall of Hypo Group, the Austrian state may inject € 500m into the nationalized bank. Furthermore, the bank plans to issue bonds worth € 1.0bn.

November 3, 2012

EU Budget Cuts would Affect Poland

In the last six years, Poland benefitted substantially from EU funds. A cut of € 23bn is being discussed.

October 30, 2012

Romanian Economy to Shrink Further

With a large negative contribution expected to come from agriculture, real GDP should decline again in Q3 in quarterly terms (as well in annual terms). The contraction is likely to be larger than initially expected, Raiffeisen Zentralbank forecasts.

October 30, 2012

Belgrade to Sharpen Austerity Policy

Next year, Serbia reduces the budget deficit from 6.2% to 3.5% of GDP. The Serbian government expects that the economy will recover next year.

October 25, 2012

“Poland is Safe”

Despite the economic slowdown, the Polish Minister of Finance Jacek Rostowksi says that the country is safe from the economic crisis.

October 24, 2012

IHS: „Greece Needs Haircut“

Christian Keuschnigg, head of the Austrian Institute of Advanced Studies thinks that another haircut will be inevitable.

October 24, 2012

Tax Quota: Austria Among Top Countries

Among 27 OECD countries, the Austria´s tax quota is the eight highest. For Austria, the trend goes upwards

October 24, 2012

Czech Government to Change?

Prime Minister Petr Necas is under pressure. A failed austerity package would cause a government change.

October 23, 2012

Austria: No Tax Reform

The Austrian Minister of Foreign Affairs and Vice Chancellor Michael Spindelegger replies to Finance Minister Maria Fekter that a tax reform is not realistic now.

October 22, 2012

Austrian Finance Minister and Foreign Minister Support Banking Union

Vice-Chancellor Michael Spindelegger and Finance Minister Maria Fekter meet with EU Commissioner Michel Barnier.

October 22, 2012

Austrian Tax Quota to Increase

Austria´s Finance Minister Maria Fekter expects a higher tax intake in 2013. Next year, the tax quota will grow slightly to 43%. In order to prevent further expenses, Fekter rejects creating bad banks.

October 20, 2012

Hungary Does not Exclude to Increase Bank Tax

Prime Minister Orban refers to the pressure coming from Brussels. Hungary must reduce the budget deficit below 3.0% of GDP.

October 20, 2012

Polish Government: Austerity in Order to Enter Eurozone

The Polish Minister of Foreign Affairs Radoslaw Sikorski says that Poland will fulfill the Maastricht Criteria in 2015.

October 19, 2012

Fekter Interested in Hungary´s Bank Taxation Plans

The Austrian Minister of Finance wants to analyse the taxation plans of the Hungarian government thoroughly. The bank taxes would be “highly interesting”, Fekter says.

October 19, 2012
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