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Taxation

Austria: Kranebitter to Leave Hypo Group

After three and a half years, Gottwald Kranebitter steps back as CEO of nationalized Hypo Alpe Adria. Tax payers are left with a burden running in the billions in the years to come.

August 19, 2013

Czech Republic: New Elections Expected At the End of October

Prime Minister Petr Necas’ resignation leads to new elections soon. The Social Democrats, who want to introduce the Euro, are potential winners.

August 16, 2013

Austria: Spindelegger Wants Reform Government

The next government has to be a “reform government”, according to Austrian Vice Chancellor Michael Spindelegger, since the one in office now has only shown little reform zeal.

August 9, 2013

Austria: Banks Indignant At Chancellor Faymann

Chancellor Werner Faymann has started the election campaign with an attack against the banks. However, CEO of Bank Austria Willibald Cernko points out that the banking industry secures 70,000 jobs in Austria.

August 9, 2013

Poland: VAT Receipts Increased 10 Percent

Value added tax (VAT) receipts increase 10 percent year on year.

August 8, 2013

RBI Considers Withdrawing from Hungary

The Austrian banking group Raiffeisen Bank International wants to focus on other markets. Hungary and Slovenia are shrinking markets, CEO Karl Sevelda says.

August 6, 2013

Bad Bank for Hypo Group?

According to market rumors, Austria´s government wants domestic banks to participate in a bad bank for the nationalized Hypo Group. Finance Minister Maria Fekter denies such reports.

August 5, 2013

Austria: Property Distribution Highly Unequal

About 10% of Austria´s population owns 70% of the nation´s wealth. The governing social democrats reaffirm that Austria needs property taxes.

August 5, 2013

Romania Initiates Structural Reforms

In order to receive a precautionary loan from the IMF, Romania´s government will implement a series of reform steps. Above all, Romania starts privatizations again. Romania´s economic outlook continues to brighten.

August 3, 2013

Romania’s Economic Recovery Expected to Strengthen.

Staff teams from the International Monetary Fund (IMF), the European Commission (EC), and the World Bank visited Bucharest Romania during July 17–31.

August 1, 2013

Romania: Drop of VAT on Bread and Baked Goods

Around 70 percent of Romanian bread and baked goods are sold on the black market. A drop in VAT is supposed to change that.

July 31, 2013

Eurozone: Household Real Income Increased 0.5 percent

Household saving rate up to 13.1% in the euro area and to 11.0% in the EU27 Household real income per capita increased by 0.5% in the euro area

July 31, 2013

Fekter: Debt reduction and tax reform are our absolute priorities

"We are on the right track"

July 25, 2013

Austria: First Tax Tranche from Switzerland Transferred

The first tranche of the tax agreement between Austria and Switzerland in the amount of € 416.7m was transferred. Fekter considers it “a great success for Austria and the taxpayers”.

July 25, 2013

Bulgarian Protests As Sign of New Understanding of Values

The great wave of protests in Bulgaria continues to sweep the country. Experts regard the demonstrations as a sign of a new understanding of values.

July 25, 2013

Bulgaria: Protests About to Escalate

Heavy clashes between protestors and policemen in Bulgaria´s capital Sofia are endangering the political stability.

July 24, 2013

Orban: Not Joining Eurozone in the Next Ten Years

Hungary´s Prime Minister thinks that his country should not become a member of the euro area in the medium term.

July 23, 2013

Austria Suffers from Company Exodus

Due to the relocation of businesses, the Austrian state has lost tax intake of € 1.3bn since 2008. The Austrian group taxation model must not be abolished experts of the Austrian Ministry of Finance say.

July 22, 2013

Federation of Austrian Industry Defends Group Taxation

The Federation of Austrian Industry (IV) argues that the Austrian business location would be endangered without the group taxation.

July 20, 2013

NBP Wants Government to Adapt Budget

After the Polish government has announced to postpone its austerity plans, the National Bank of Poland calls the government to submit an updated fiscal outlook.

July 19, 2013

Austrian Audit Court Criticizes Group Taxation

The costs of the Austrian group taxation model total about € 450m, the Audit Court said in a current report.

July 19, 2013

Polish Government to Leave Austerity Path

In order to boost Poland´s economic growth, the government wants to ease the fiscal discipline.

July 17, 2013

Fekter: Horror Figures with Hypo’s Restructuring Plan.

The restructuring plan for Hypo Alpe Adria involves several scenarios, which Finance Minister Fekter does not want to mention. The “horror figures” tax payers are burded with are set up “in an apocalyptical way”, according to her.

July 15, 2013

Austria: Rumors about Fekter Resigning as Finance Minister after Elections

Will Fekter become President of the National Council after the elections? In government circles speculations are circling about Finance Minister Fekter quitting her post as after the national elections in September.

July 10, 2013

Spindelegger: Fitness Program for Austria

Austrian economy supposed to be boosted by reforms of “Unternehmen Österreich 2025, and a rejection of new taxes.

July 10, 2013

Slovenia’s Banking Sector Threatened by Delay of Bad Bank-Transfers

After the EU Commission denied approval for the first transfers of bad loans to the bank asset management by June 28, the reorganization of the banking system in Slovenia has been postponed.

July 9, 2013

Orban Accuses European Union of “Soviet-style Methods”

Hungarian Prime Minister Viktor Orban criticized the “troops of bureaucrats" who were unable to solve the economic crisis in Europe and who were now trying to denounce Hungary, which was on the road to recovery again.

July 5, 2013

CESEE: GDP Growth in 2013 Weakest Since 2009

CESEE financial markets influenced by global liquidity debate.

July 4, 2013

Slovenia: Trying to Make a Difference

The crisis measures approved by Brussels are partially starting to make an impact. Since July 1, the higher tax rate of 22 percent is binding. However, the country does much more than just raise taxes.

July 3, 2013

Orban Attacks European Parliament

Prime Minister Orban claims that members of the EP would apply double standards on Hungary.

July 2, 2013

Hypo Group: CEO Kranebitter Steps Back

Kranebitter announced to stay until the half-year accounts are published. On Monday it became known that the ailing bank will in all likelihood require more state aid than planned.

July 2, 2013

Austrian Coalition to Take Stock of Legislative Period

In a joint interview with several leading Austrian newspapers, Austrian Chancellor Werner Faymann and Deputy Chancellor and Foreign Minister Michael Spindelegger take stock of the legislative period so far.

June 28, 2013

Leitl: „Austrian Enterprises Need Further Growth Impulses“

The Austrian Chamber of Commerce (WKO) commits to budget consolidation but growth is the basis for a balanced state budget.

June 27, 2013

Hungary: New Tax for Banks

According to a legislative proposal by Economy Minister Varga, banks would have to face a further burden of around € 250m.

June 27, 2013

Hungary: Taxes to Be Raised

Shortly before the parliamentary summer recess taxes were raised by the government of Viktor Orban.

June 18, 2013

Croatia’s EU Accession as a Chance For Austria

Soon, there are more than 1,000 Austrian businesses operating in Croatia and the volume of trade is supposed to increase.

June 18, 2013

EU Abandons Quarterly Reports

Listed enterprises in the European Union do not have to present quarterly reports from 2015 on.

June 12, 2013

Ukraine Leaps to Business Deregulation

One of the reform priorities for Ukraine in 2012 has become the deregulation of business activity.

June 11, 2013

Croatia to Expect Disciplinary Procedure by EU

The Ex-Yugoslavian country has to face harder scrutinizing than its CESEE peers which joined the EU in the last decade.

June 5, 2013

Slovenia: Bailout As An Option

Prime Minister Bratusek announced her consent to introduce fiscal rule in 2015.

June 4, 2013

Romania: Erste Forecasts Economic Growth at 1.8 Percent

Erste keeps Romania's economic growth forecast for 2013 unchanged at 1.8 %.

June 3, 2013

Slovenia: NKBM Still In the Reds

Particularly high risk provision caused the bank a net loss of € 8.5m. Even for the whole of 2013, losses are expected.

May 31, 2013

Austria: Fekter Signed OECD’s Multilateral Assistence Agreement in Tax Matters

Fekter described the signing as a “further important step in the fight against tax evasion and tax fraud”.

May 29, 2013

Commission to Publish Reform Recommendations

24 countries, among them Austria, will receive recommendations for reforms by the EU Commission.

May 28, 2013

Hungary: EDP to Be Dropped.

Hungary can count on the termination of the Excessive Deficit Procedure (EDP) by the European Union.

May 27, 2013

Austria: Faymann Proposes Extension of Bank Levy

Not only the federation and taxpayers should avow for the losses at Hypo Group. This week the restructuring plan has to be handed to the EU Commission.

May 27, 2013

Austria: New CEO for RBI to Be Announced "In The Coming Days"

On Monday, the supvising boad will negotiate about the filling of the post for the CEO of listed Raiffeisen Bank International (RBI).

May 27, 2013

RBI: Meeting About Stepic’s Successor on Monday

Today, Herbert Stepic announced his resignation as CEO of Raiffeisen Bank International (RBI) due to personal reasons.

May 24, 2013

Slovenia: Fiscal Rule to Be Introduced in 2015

Prime Minister Bratusek announced her consent to introduce fiscal rule in 2015.

May 23, 2013

Poland: Hold on Tax to Attract Investors

Hydrocarbons tax on hold till 2020 to enhance investments in shale gas.

May 23, 2013