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Taxation

“Property Tax Cannot Finance Wage Tax Cut”

Bernhard Felderer, head of the Austrian public debt committee, stresses that the Austrian government must reduce the public debt level as soon as possible.

October 31, 2013

Czech Banking Industry Is “Healthy”

According to the Czech banking association (CBA), the Czech banks are well equipped with capital.

October 31, 2013

Romania: Taxes Expected to Be Raised

The local press reports that numerous anonymous sources from the larger ruling party say that the executive is considering a hike in profit and income tax.

October 28, 2013

Czech Republic: Social Democrats Ahead

Although the Czech Social Democrats (CSSD) rank first, the party is below expectations.

October 26, 2013

S&P Warns of Further Downgrade

The rating agency has kept the “AA+” rating. However, Austria has to put more effort into austerity measures, the rating agency stresses.

October 26, 2013

Czech Republic: Social Democrats to Win

Tomorrow, the Czech Republic will hold early elections. All polls are indicating a clear change in power. Bohuslav Sobotka is expected to become the next head of government.

October 25, 2013

Hypo Group: Worst Expectations May be Exceeded

For the Austrian state, the ailing nationalized banking group may become a financial GSA. The legal dispute with the former owner BayernLB bears enormous dangers for Austria´s public finance.

October 25, 2013

Slovenia: Real Estate Tax Wobbles

The ruling parties could not agree on a common standpoint yet. The controversial real estate tax may fail.

October 22, 2013

Slovakia: New Burden for Insurance Industry

The Slovak government extends special taxes for companies operating regulated sectors. The bank tax will be abolished in the course of the next years.

October 21, 2013

Slovenia: Massive Concerns Against Real Estate Tax

The Slovenian government plans to introduce property taxes in order to reduce the budget deficit. The opposition warns that the tax may be “highly counterproductive”.

October 18, 2013

Slovenia Introduces Property Tax

In order to reduce the massive fiscal shortfall, Slovenia is looking for new revenues. The property tax may bring more than € 400m.

October 17, 2013

Eurozone: Banking Union Approved

From autumn 2014 on, the European Central Bank (ECB) will directly supervise 130 major banks within the Eurozone.

October 16, 2013

Poland to Keep VAT Rates The Same Until 2015

In order to cut debts, the Polish government decided not to lower the level of VAT.

October 15, 2013

Albania: Economic Growth below Potential

Structural reforms are needed to boost productivity and competitiveness and avoid weaknesses, according to the International Monetary Fund (IMF).

October 15, 2013

Experts Urge Serbia to Accelerate Austerity Measures

It is still questionable whether the austerity measures announced by the Serbian government are sufficient.

October 15, 2013

IMF: Serbia´s Reforms are Not Sufficient

On the occasion of a visit in Serbia, the IMF commented the efforts of the Serbian government to cut the budget gap. The austerity cuts are right, but the country needs further reforms, IMF´s team said.

October 10, 2013

Slovenia Cannot Escape the Vicious Circle

Slovenia still aims to manage its banking crisis on its own. After the new economic forecast issued by Slovenia´s National Bank, this aim suffers another setback.

October 10, 2013

Bratusek: “We Are Paying for Your Debts”

On Tuesday Slovenian Prime Minister Alenka Bratusek presented the budget draft for 2014 and 2015 to the members of parliament.

October 9, 2013

Austria: President Prefers Grand Coalition

President Heinz Fischer has confirmed his wish for the formation of a grand coalition as this would be “the most reasonable solution”, according to him. Other possibilities were afflicted with too many uncertainties.

October 7, 2013

Porr: Capital Increase and Rise in Profits Expected

CEO of listed Austrian construction company Porr Karl-Heinz Strauss is still in favor of a capital increase in 2014 or 2015 and calls upon the government to create “projects for the future”.

October 7, 2013

Economic Recovery and Interest Rate Turnaround Also in Austria?

Not only Germany but also the peripheral areas of the European Union see economic recovery supported by an increasing export activity.

October 3, 2013

Austria: Pussyfooting around Forming Government Coalition

The Austrian People’s Party is picky in regard to choosing a coalition partner. So far the ÖVP has shown no interest in starting coalition talks with former partner SPÖ. However, there are not many options left.

October 2, 2013

Slovenian Government to Approve Adjusted Budget

The Slovenian government today plans on implementing the revised budget for next year and the draft for the 2015 budget.

September 30, 2013

Austria: Public Debt Increased to 74.0 Percent of GDP

Public finances 2012: public deficit at 2.5 percent, public debt at 74.0 percent of GDP.

September 30, 2013

Croatia Plans on Increasing VAT by Three Percent

Croatia eyes increased intermediate VAT from 10 to 13%.

September 27, 2013

Austria: Kapsch Demands Reform Agenda From New Government

Georg Kapsch, President of the Federation of Austrian Industries (IV) demands the next federal government to introduce a comprehensive reform agenda.

September 27, 2013

Leitl: “Grand Coalition Did Not Fulfill Expectations“

Christoph Leitl, President of the Austrian Chamber of Commerce (WKO), favors a change in the governing parties as the grand coalition has not realized the necessary reforms.

September 24, 2013

RBI: Sevelda to Remain CEO unil 2017

Karl Sevelda, who was appointed new CEO of listed Raiffeisen Bank International (RBI) at the beginning of June, does not regard himself as interim head of the bank.

September 23, 2013

Poland: Budget for 2014 Realistic

According to Witold Kozinski, Deputy Govenor of the National Bank of Poland (NBP), the budget plan for 2014 is “realistic” and the risk of amendmends to the budget minimal.

September 23, 2013

Austria: Tax Burden Grows

The Austrian public revenue ratio is significantly above the average tax quota in the Eurozone. The upward trend goes on.

September 21, 2013

Faymann: Austria as Role Model for Investments and Employment Programs

The Austrian Chancellor calls for a fair distribution of wealth and lower taxes on wages.

September 20, 2013

Slovenia: First Budget Surplus in 2013

For the first time this year, Slovenia shows a budget surplus of € 15m. However, the deficit of the first eight months is as high as € 1.3bn, according to data by the Finance Ministry.

September 20, 2013

Bank Austria to Close Subsidiaries in Hungary

Because of higher costs caused by a tax on financial transaction, which was introduced during the current year, the affiliate of Italian UniCredit intends to downsize operations in Hungary.

September 19, 2013

Austria: ÖVP Rejects Tax Reforms by Social Democrats

Chancellor and Leader of the Social Democrats Werner Faymann is in favor of lower taxes on wages. His model includes reliefs of up to € 1,011 annually. However, coalition partner, the Austrian People’s Party (ÖVP) rejects the plans.

September 18, 2013

Leitl Recommends Parties Not to Raise Hopes

President of the Austrian Chamber of Commerce, Christoph Leitl considers the demand of the Social Democrats and Chancellor Werner Faymann for a tax relief as soon as 2015 utopian.

September 17, 2013

Austria: IMF Pushes for Tax Reform

The International Monetary Fund recommends re-considering the tax system. The Austrian wage taxes are too high, IMF criticizes.

September 13, 2013

Schieder: IMF Confirms SPÖ-Claims

State Secretary for Finances, Andreas Schieder regards the demands by the International Monetary Fund (IMF) as a confirmation of those by the Social Democrats (SPÖ).

September 11, 2013

Faymann Underlines Necessity of Property Taxes

Austrian Chancellor Werner Faymann (SPÖ) calls for new taxes. In total, property taxes should bring tax revenues of more than € 2.0bn.

September 9, 2013

Poland: Government Gives Green Light to Budget Draft

The Polish Government has approved the budget plan for 2014 with the deficit gap closing further after a refurbishment of the private pension system.

September 9, 2013

Serbia: Plans to Reform Pension System

Serbia plans reform of pension system by year end.

September 9, 2013

Faymann: “Banks Should Pay for Hypo”

Austrian Chancellor Werner Faymann does not consider a new austerity package necessary despite of the threatening billions of Euros for the selling and winding-up of the ailing bank.

September 5, 2013

Lopatka Demands Reform for Austrian Railways

State Secretary Lopatka demands Minister of Infrastructure Bures to tackle the expensive pension system at the Austrian Railways by doing away with privliges for emplyoees in order to unburden tax payers.

September 4, 2013

Slovenian Finance Minister: “Enough Tax Burdens“

On Tuesday, the Slovenian Finance Minister Uros Cufer announced that enough additional tax burdens have been introduced.

September 4, 2013

Poland: Tusk Demonstrates Optimism

This year, Poland´s economic growth begins to accelerate. According to Prime Minister Donald Tusk, the growth rate will be higher than 1.5%.

September 4, 2013

Keuschnigg: “We Already Have The Flat Tax in Austria”

The head of IHS demands tax relief instead of further tax burdens and the adjustment to the inflation rate.

September 3, 2013

Cyprus: Waiting for the Next Bailout Tranche

Crisis-struck member of the Eurozone Cyprus will have to wait for the next payment out of the bailout-package. Before the next tranche will be transferred the small country has to implement key measures.

September 2, 2013

Austrian Economy Minister: “No Time for Idle Complacency”

Austrian Minister of Economics and former general secretary of the Austrian Chamber of Commerce (WKO), Reinhold Mitterlehner avoids any dispute with Christoph Leitl, President of WKO but signals a different opinion.

August 27, 2013

Austria: First Chancellor’s Duel

Chancellor Werner Faymann (SPÖ) and Deputy Chancellor Michael Spindelegger (ÖVP) had their first official chancellor’s duel on TV on Monday. However, people waiting for a major dispute had been disppointed.

August 27, 2013

Austria: Fekter Does Not Publish Controversial Industrial Location Study

According to a recent study on the quality of Austria´s industrial location, the number of leaving multinational companies is growing.

August 25, 2013

Leitl: “Austria Screwed Up”

If the US, as the perpetrator of the financial and economic crisis, shows two percent in economic growth, while Austria only 0.2 percent, then this was a “disgrace”, Leitl announced during the economic forum in Alpbach.

August 21, 2013