Taxation

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

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
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