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Taxation

Austrian Top Banker to Appear in „Offshore-Leaks“

For the first time, a European top banker appears in the “Offshore-Leaks” database. CEO of Raiffeisen Bank International (RBI) Herbert Stepic is coming under massive pressure.

May 23, 2013

Austria: Special Commission to Trace Tax Evaders

Finance Minister Maria Fekter announced the establishing of a special commission which is supposed to use data distributed by the US tax authority.

May 23, 2013

Leitl: „EU Has To Deliver Clear Confession to Business Location Europe”

According to Leitl, the EU Summit has to deliver a “clear confession to business and industrial location” Europe.

May 22, 2013

Slovenia Taking Drastic Measures

NLB plans to cut workforce by 20 percent. The Slovenian government signed an agreement with unions to cut wage costs and is discussing to raise VAT. The country is hoping for € 1bn for the selling of state-owned enterprises.

May 22, 2013

Orban’s „Derailment“ Causes Indignation in Germany

Hungary’s head of government Viktor Orban seems to love the confrontation. However, with the accusation of Germany using Nazi-methods he overstepped the mark in terms of tact.

May 21, 2013

Austrian Government Desperate to Sell Hypo Group

Without an agreement for a new plan and without more time for the selling of the Eastern affiliates, the crisis-struck banking institute Hypo Alpe Adria Group will not be able to make up the balances anymore, according to Austrian newspaper Presse.

May 16, 2013

Slovenia Pressed to Take “Swift and Decisive” Actions

On Monday Eurozone Finance Ministers warned Slovenia to take “swift and decisive” action to address its economic imbalances.

May 14, 2013

Indian Srei Group to Acquire Austrian Hypo?

Austria is looking for a buyer for the domestic Hypo affiliates. Indian Srei Group seems to have good chances.

May 13, 2013

EU Commission Expects Austria to Agree To EUSD

Head of Eurogroup Jeroen Dijsselbloem expects a constructive approach of Austria in the debate about the automatice exchange of data of tax foreigners in Europe.

May 13, 2013

Slovenia Likely To Require More State Funds Than Expected

According to Morgan Stanley, the Slovenian national treasury will need a further amount of € 11bn until 2016. Slovenian Finance Minister Cufer is expected to present the new program in Brussels today.

May 13, 2013

Austrian Bank Secret: Faymann Vs. Fekter

Austria‘s agreement to an automatic exchange of data has become a personal match between Chancellor Faymann and Finance Minister Fekter.

May 13, 2013

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

Semeta Confident Austria and Luxembourg Stop Blocking

EU Tax Commissioner Algirdas Semeta does not expect any blocking by Austria for the loosening of the bank secret for foreigners and the transition to the automatic exchange of information.

May 6, 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

Hypo Group to Get a Bad Bank?

Chancellor Faymann confirmed negotiations about the establishing of a bad bank for non-performing loans.

April 30, 2013

„Slovenia Can Manage On Its Own“

In an interview with Austrian newspaper Kurier, President of the Slovenian Bankers Association France Arhar stresses that Slovenia is not the new Cyprus.

April 29, 2013

Eurozone: Household Savings Rate Decreased Significantly

Household saving rate down to 12.2% in the euro area and to 10.7% in the EU27. Household real income per capita fell by 1.1% in the euro area.

April 29, 2013

Tax Burden: Austria Above EU Average

The overall tax-to-GDP ratio in the EU27 up to 38.8% of GDP in 2011. Labour taxes remain major source of tax revenue.

April 29, 2013

Austria: Solution for Bank Secret Issue Until May 22

After the recent turbulances within the Austrian government coalition, Chancellor Werner Faymann hopes to find an agreement with the EU concerning the bank secret until May 22.

April 29, 2013

Austria: Green’s Motion of Censure Denied

The Green Party’s motion of censure against Finance Minister Fekter was denied by almost all parties in the National Assembly.

April 25, 2013

Austrian Greens Put Forward Motion of Censure Against Fekter

The Austrian Greens intend to file a motion of censure against Finance Minister Maria Fekter. Party Leader Eva Glawischnig announced a “match of Greens against Fekter”.

April 24, 2013

EU Commission Waiting For Austria’s Decision

The EU Commission expects a uniform stance in regard to Austria’s bank secret and the transition to automatic exchange of information.

April 23, 2013

Austria: National Assembly to Vote on Bail-Out Package for Cyprus

In order for Cyprus‘ bail-out package to become effective, many national parliaments have to vote in favor of it. Austrian’s opposition is against it.

April 22, 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

Spar: Expanding in Hungary

Spar Austria Group intends to expand the meat plant near Budapest and the entire branch network in Hungary.

April 18, 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

Austria: Number of Small-Business Owners Increased Marginally

In 2012, there were around 251,000 one-person-businesses in Austria which is 11,000 more than in 2011.

April 16, 2013

Austria: Hypo Group to Come Under Fire

Pressure from Brussel grows for a fast selling of Hypo Group.

April 16, 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

Slovenia to Sell Two State Enterprises

On a press conference on Friday, Prime Minister Bratusek announced the selling of two state-owned companies, one of them being a bank.

April 13, 2013

Cyprus: Bail-Out Package More Expensive Than Thought

The aid-money needed increases from € 17.5bn to € 23bn, according to Cyprian government.

April 11, 2013

Fekter: „Austria is a High-Tax Country“

Bank secrecy will be an official issue at the meeting of EU finance ministers in Dublin on Saturday. Fekter criticizes the UK sharply.

April 11, 2013

Austria About to Lose Fiscal Secret

The Austrian government declared to negotiate with the EU about the abanonment of the fiscal secret.

April 9, 2013

Commission Criticizes Austria on Keeping Bank Secret

EU Tax Commissioner Algirdas Semeta considers Austria’s position to hold on to the bank secret and unwilligness to reform as “impossible”.

April 9, 2013

Fekter: “I Will Fight to Preserve Banking Secrecy in Austria!”

“Data protection is a valuable institution. We will continue to protect innocent citizens, but will also continue to lead the way in pursuing tax evaders.”

April 8, 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

Keuschnigg Forecasts End of Bank Secret in Austria

Head of the Austrian Institute for Advanced Studies (IHS), Christian Keuschnigg expects the end of the bank secret in Austria.

April 3, 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

Macedonia: Fresh € 100m for Business Sector from EIB

The Macedonian government plans to provide fresh EUR 100 million loan, with 5.5% interest rate, as support to the business sector.

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

CESEE: CR More Attractive for FDI Than SK

Foreign investors regard the Czech Republic more attractive than Slovakia.

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

Cyprus: Bail-Out Package Accepted

Cyprus has been granted the € 10bn worth aid package by the EU. After ten hours of negotiations in Brussels the decision was made early this morning. Assets below € 100,000 will not be taxed.

March 25, 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
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