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Taxation

Hungary: Jurisdiction Affects FX Loans and Banks

Hungary’s constitutional court will exert influence on FX loans.

March 18, 2014

Recovery of Austrian Economy Continues

Austrian economy continues its recovery despite weaker upswing.

March 17, 2014

Serbia: Landslide Victory for Vucic

After Deputy Prime Minister Aleksandar Vucic’s party saw an overwhelming victory in the early parliamentary elections the new government is facing a hard road ahead.

March 17, 2014

Poland: “Time for Belt-Tightening”

Poland is required to cut the deficit in the public finance sector.

March 13, 2014

Austrian Bank Secret Remains Until 2017

Austrian Finance Minister Spindelegger will present proposals for amendments of the EUSD tomorrow.

March 10, 2014

Austria: Spindelegger Still Does Not Exclude Hypo’s Bankruptcy

In an interview with daily “Österreich” Finance Minister Michael Spindelegger announced his intention of very carefull examining the task force’s final report about ailing bank Hypo Group.

March 8, 2014

Czech Republic: Economic Growth Speeding up

In the last quarter in 2013 the Czech economy grew faster than anticipated and even outdid all other EU member countries.

March 6, 2014

Erste Group: Profits Decline

Erste Group posts net profit of EUR 61.0 million in 2013 and improves capital ratios.

February 28, 2014

Austrian Bank Secrecy to be Abolished by 2016

EU Commissioner Algirdas Semeta recently stated that bank secrecy in Austria will expire since by then the automatic exchange of information will be implemented as a standard.

February 24, 2014

Slovenia: SMEs Protest Against Real Estate Tax

Tax bills would rise by many times for small business owners.

February 24, 2014

Austria: Tax Increases to be Resolved

The Austrian National Assembley will resolve tax increases.

February 24, 2014

“Polish Economy at Crossroads“

In an interview with Austrian daily “WirtschaftsBlatt“, Ryszard Petru, chairman of the Society of Policy Economists, sees high chances for the Polish economy; however, only if the country knows how to support innovation.

February 21, 2014

Spindelegger: Taxpayers Should Not Carry Whole Load

Finance Minister Spindelegger declared himself in favor of a haircut of creditors of problem bank Hypo Group.

February 20, 2014

Austrian Government Wants International Group of Experts

More and more voices for a parliamentary investigation committee for ailing bank Hypo Group Alpe Adria are being raised even within the SPÖ and the ÖVP. However, the government has other plans.

February 20, 2014

Hypo Disaster: Who Are the Beneficiaries?

International investment companies, funds and domestic banks are the major recipients of the billions of Euros in the Hypo Group disaster.

February 19, 2014

Picker: Hypo to Cost Taxpayers “Only” up to € 4bn

According to CEO of Hypo Group Alpe Adria Picker, the ailing bank will burden taxpayers with “only“ € 4bn at the most. Head of IHS, Keuschnigg, warns the Austrian policy-makers of forwarding costs to bondholders.

February 19, 2014

Spindelegger Positive about Creation of Financial Transaction Tax

In the run-up to the beginning of the ECOFIN Council in Brussels, negotiations about the further proceeding of the financial transaction tax were held among eleven EU finance ministers.

February 18, 2014

Spindelegger: “Hypo Already Burdened Budget in Past”

The government has still not yet published figures in regard to the current fiscal burden emerging from the winding-up of problem bank Hypo Group Alpe Adria.

February 13, 2014

Cernko: Wealthy to Support R&D in Austria

The CEO of Bank Austria calls upon the Austrian government to take into consideration the funding of research and development by wealthy individuals and regard this as part of their “tax duty”.

February 12, 2014

Erste Group: Net Results Below Expectations

Erste Group provides business update for 2013: Improvement in risk costs is outweighed by one-off items and tax effects, impacting net profit

February 11, 2014

Austria: Hypo Group Becomes Fiasco for Taxpayers

The most expensive solution for the winding up of troubled Hypo Group becomes imminent.

February 11, 2014

CEE: Still Growth Market in Real Estate Sector

The region is still a growth market in the real estate sector even after the crisis. However, the legal situation in some CEE countries can be a pitfall to real estate companies.

February 10, 2014

Hypo Group Alpe Adria: Fitch Recommends “Joint Bad Bank”

According to the rating agency, the best alternative is a joint solution between the Austrian state and privately held banks. In return, the bank levy should be reduced, Fitch says.

February 5, 2014

Austrian Minister of Finance Under Fire

Christoph Leitl, President of the Austrian Chamber of Economics, criticizes the Austrian government sharply. Minister of Finance Michael Spindelegger is put on the defensive.

February 5, 2014

Austria: Government Makes € 1bn for Hypo Group Available in Budget

Nationalized problem bank Hypo Group Alpe Adria has listed a need for state subsidies in the amount between € 400m and € 900m in this year’s downsizing plan.

January 29, 2014

Austria: IHS Against Bank Levy

Christian Keuschnigg, director of the Austrian economic research institute IHS stresses that the bank resolution funds would replace the bank levy.

January 28, 2014

OECD Shows Great Concern over Hungarian Economy

According to the OECD, the country’s recovery from recession will be weak in 2014 and 2015

January 27, 2014

Romania´s President Opposes the IMF

Traian Basescu is strictly against imposing an additional tax on fuel. Whether Romania will achieve the budget target is highly uncertain.

January 24, 2014

Austrian Bank Levy: “Penalty Gone Wild”

On the basis of a new method of calculation around € 90m more in bank levy should be generated compared to the previous year.

January 22, 2014

Erste to Maintain Business in Hungary

According to CEO of Erste Group’s Hungarian affiliate, the bank will remain in the country to expand business activity.

January 21, 2014

Austrian Banks to Resist Further Burdens?

Podium discussion at Viennese law firm Binder Grösswang.

January 20, 2014

Audit Court Criticizes Austrian Government Sharply

Josef Moser, president of the Austrian Audit Court, has sharply criticized the government’s resolution.

January 17, 2014

Bank Levy: Austrian Regional Banks Under High Pressure

The Austrian government will raise the bank levy significantly. Smaller banks have to perform disproportionately high taxes, Oberbank´s CEO Franz Gasselsberger says.

January 16, 2014

Austria: What Happened to the Budget Gap?

The question remains even after the government was confirmed and the first tax package presented.

January 16, 2014

Austria: On Verge of Losing Business Attractiveness

The new tax package does not only burden car drivers and smokers but also the economy will have to contribute to the budget with several hundreds of millions of Euros annually.

January 15, 2014

Austria: Distribution of Wealth Extremely Unequal

The top one percent of Austrian households possesses more than 50 percent of all investment income.

January 13, 2014

Serbia Facing Testing Year

The Serbian government is currently working on a plan to improve the competitiveness of domestic enterprises.

January 13, 2014

Austrian Budget Planning to be Completed in May

The six groups in the National Assembley have agreed to the parliamentary plan for the first half year of 2014.

January 13, 2014

Austria: Significant Increase in Bank Levy

In 2014, the bank levy is expected to increase substantially. Austrian banks regard the levy as massive competitive disadvantage.

January 10, 2014

Austria: Wifo Expert Calls for Structural Tax Reform

According to Wifo-expert Schratzenstaller, the planned tax burdens on tobacco and automobiles are “largely useful”.

January 10, 2014

Austria: First Tax Package to Be Presented

The Austrian government intends to present the first tax package tomorrow.

January 8, 2014

Slovenia: Calls for Reforms Become Louder

The Slovenian Chamber of Commerce (GZS) calls upon the government to accelerate the realization of reforms to boost economic growth.

January 8, 2014

Hungary Amending Figures of Budget Deficit

Hungarian Finance and Economy Minister Mihaly Varga announced that the budget deficit of 2013 will be below the target after it was lowered dramatically.

January 8, 2014

Hungary: Erste Group Confident

The third-largest lender in CESEE underlined that the Hungarian subsidiary will not be sold. The Austrian bank is confident to reach the turnaround soon.

January 6, 2014

First Offer for RBI´s Hungarian Subsidiary

The partly nationalized Hungarian lender Szechenyi Bank is interested in the Hungarian subsidiaries of the Austrian banks Erste Group and Raiffeisen Bank International.

January 6, 2014

European Savers in Danger

Already this year, savers in the Eurozone may fear a compulsory tax on deposits, the Danish Saxo Bank says.

January 4, 2014

Slovenia: More Resistance Against Real Estate Tax

On Friday a second petition was filed at the Constitutional Court against the property tax.

January 4, 2014

VBAG: Further State Aids Questionable

The governing Austrian social democrats (SPÖ) are against providing further funds to the partly nationalized banking group.

December 26, 2013

„No Debt-Backed Tax Reform“

Austrian Finance Minister Michael Spindelegger underlines that Austria has to put more effort into fiscal consolidation measures.

December 23, 2013

Austria: Rules for Bank Tax to Be Changed

The governing parties call for changes in the bank tax which would increase the burden of some Austrian banks.

December 20, 2013
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