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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