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Romanian Labor Costs Increased Dramatically

The EU average increase in labor costs in the 4th quarter in 2012 increased by 1.3 % throughout the EU. Front runner turns out to be Romania.

March 15, 2013

Austrian Banks to Stay in Hungary

In the coming years, foreign banks will face a difficult market environment in Hungary. Nevertheless, Austrian banks want to maintain their position.

March 14, 2013

Orban Wants to Strengthen Hungarian Banks

According to Hungary´s Prime Minister Viktor Orban, the high share of foreign banks is “unhealthy”.

March 13, 2013

Bulgaria: Latest Protests Against Privatizing of Railway

Protesters in three cities gathered to demonstrate against the privatization of the freight division of the Bulgarian state railroads (BDZ).

March 12, 2013

Leitl: "Restructuring Instead of Cashing in"

Christoph Leitl, head of WKO (Austrian Chamber of Commerce), dismisses further plans for a tax hike. The outcome would be fatal and the economy exposed to threats.

March 6, 2013

Hungary: Highest Loss in Real Wages in Five Years

Gross salaries increased 4.6 % while net income only saw moderate rise at 2 % in 2012.

March 6, 2013

Bulgaria: Budget Balance Negative

The budget balance under the Consolidated Fiscal Programme (CFP) as of end-January 2013 is negative, amounting to BGN 536.5 million.

March 4, 2013

Austria: Public Spending Ratio Forces Country to Reforms

Austria’s economy is stronger than the European average, however, it is still in need of reforms. Suggestions are made by head of WIFO Aiginger who demands a new strategy until 2025.

March 2, 2013

Hungary: Matolcsy Becomes New Central Bank Governor

Prime Minister Orbán nominated the former National Economy Minister as the new governor of the MNB (National Bank of Hungary). Experts are concerned about the stability of the Forinth.

March 1, 2013

Bulgaria: Economy to Stabilize

Despite the enormous political instability, Bulgaria is expected to record positive growth rates this year.

February 28, 2013

Fekter Pleased with New Banking Regulations

Austrian Minister of Finance: "Agreement stabilizes banking sector, protects taxpayers and strengthens Austrian SMEs".

February 28, 2013

Austria: Economic Outlook Remains Cautious

Although Austria´s economy suffers from a number of major defects, the performance is still better than in the Eurozone.

February 25, 2013

Austria: Felderer Warns of Property Taxes

The economist believes that already the discussion about property taxes is damaging the Austrian business location.

February 23, 2013

Hungary: Government Demonstrates Optimism

Peter Szijjarto, spokesman of Prime Minister Viktor Orban´s party Fidesz, believes that Hungary´s economy will perform well this year.

February 23, 2013

IMF Visits Croatia Again

A Mission of the International Monetary Fund, led by Nikolay Gueorguiev, arrived in Croatia for its usual semi-annual visit.

February 21, 2013

Austria: Controversy About Property Taxes

According to Christian Keuschnigg, director of IHS, property taxes would have a negative impact on economic growth and the employment situation.

February 20, 2013

Romania Almost Stagnates

Last year, Romania´s economy could prevent a recession. The GDP growth came at 0.2%.

February 18, 2013

Financial Transactions Tax: Austria Expects Tax Intake of € 500m

The Austria government is optimistic to reach the fiscal goal. The Federation of Austrian Industries (IV) warns of detrimental effects for the real economy.

February 16, 2013

“Financial transactions tax promotes fairness”

According to Austria´s Minister of Foreign Affairs Michael Spindelegger, the financial transactions tax is strengthening the competitiveness in Europe through targeted reforms.

February 15, 2013

“Tax on financial transaction is a big achievement for Austria”

“Our perseverance has paid a dividend” Austria´s Minister of Finance Maria Fekter said.

February 14, 2013

Slovakia: Tax Intake to Decrease

Despite the higher income tax rates, the Slovak state revenues are expected to fall by € 360m this year.

February 12, 2013

„Hungary Needs Sustainable Reforms“

The IMF underline that the country must restore the confidence of international investors. At the moment, Hungary´s government is not forced to continue the talks with IMF.

February 5, 2013

Moody´s Downgrades Croatia

The U.S. rating agency justifies the downgrade with the “bad economic outlook” and the “inflexible fiscal policy”.

February 2, 2013

Orban: „Agreement with IMF Unlikely“

According to Hungary´s Prime Minister Viktor Orban, the IMF tries to put pressure on Hungary.

February 1, 2013

Slovakia: Government Warns of Economic Slowdown

This year, Slovakia´s government expects lower growth rates than in 2012. Besides that, the austerity pressure is growing.

February 1, 2013

Austria: Tax Convention Signed with Liechtenstein

Austria´s Finance Minister Maria Fekter: “A good day for Austria – through fair taxation”.

January 29, 2013

Fekter: “Tax Agreement Reached with Liechtenstein”

Austrian Minister of Finance Maria Fekter: "Another big step in the direction of greater tax equity".

January 26, 2013

Tax Deal with Liechtenstein: Austria Expects Substantial Tax Intake

Austria and its small neighbor country Liechtenstein will sign a tax deal. The treaty between Switzerland and Austria is a role model.

January 24, 2013

Slovakia: Public Debt Quota Exceeds 50% of GDP

For the first time since 2000, Slovakia´s public debt level exceeds the 50% threshold.

January 24, 2013

Fico: „Privatizations Were Our Biggest Mistake“

Slovakia´s Prime Minister Robert Fico thinks that the austerity policy in Europe is the wrong way.

January 21, 2013

WIFO Wants Higher Property Taxes

Karl Aiginger, director of Austrian Institute of Economic Research, suggests reducing wage taxes.

January 21, 2013

Hungary Wants Tax Treaty with Switzerland, Germany and Austria

Hungary tries to levy a lump sum tax on deposits of Hungarian nationals in Switzerland, Germany, Austria, the UK and Cyprus.

January 17, 2013

New Elections in Slovenia?

The government crisis in Slovenia sharpens. Economists warn of a leftist coalition.

January 15, 2013

Fekter to Present Tax Reform Concept

In May, Austria´s minister of finance Maria Fekter (ÖVP) will present a new fiscal concept.

January 14, 2013

Slovenia to Cut Corporate Tax Rate

In order to improve the labor market situation, the Slovenian government has decided cut the corporate tax quota by three percentage points.

January 9, 2013

Austria: Black Labor Decreases

Since 2004, the size of black labor is declining in Austria. Nine years ago, the share of GDP came at 11%: In 2012, black labor was 7.5% of GDP.

January 8, 2013

Poland Plans Bank Taxes

The Polish government considers introducing bank taxes in order to stabilize the banking sector.

January 4, 2013

„No Tax Reform Before 2016“

Christoph Leitl, President of the Austrian Chamber of Commerce, emphasizes that the government should focus on austerity measures.

January 4, 2013

Czech Parliament Resolves VAT Increase

After months of controversies, the Czech Chamber of Deputies approved the government´s taxation plans.

December 21, 2012

Switzerland Ratifies Tax Treaty with Austria

Switzerland has approved the tax deal with Austria and the UK. The treaty will come into force by January 2013.

December 20, 2012

Slovakia: Budget Deficit Comes at 4.6%

This year, the Slovak budget deficit is expected to be significantly beyond the Maastricht criteria.

December 20, 2012

Public Debt Committee Warns Austrian Government

2013 will be dangerous for Austria´s austerity course, the economist Bernhard Felderer says.

December 18, 2012

S&P Downgrades Croatia

Croatia´s Minister of Finance Slavko Linic does not exclude that Croatia needs support from the IMF next year.

December 17, 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

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

Hungary Considers Reducing Foreign Exchange Reserves

In order to repay loans, the Hungarian government is said to reduce the foreign exchange reserves of MNB (Hungarian National Bank). The government does not need to fear resistance by MNB.

December 1, 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
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