Taxation

Austria: Faymann Insists on Bank Levy

Chancellor Faymann intends to keep the bank levy in spite of the planned insolvency fund, which is going to be established EU-wide.

April 1, 2014

Romania: Key Interest Rate Remains Unchanged

The central bank of Romania has left the main interest rate unchanged.

March 31, 2014

Slovenia: Danger of Tax Increase

Because of the failed introduction of the property tax Finance Minister Uros Cufer suggested an inrease in VAT to compensate for the losses in revenue.

March 31, 2014

Austria: State Revenues Increased

In 2013 the Austrian budget deficit came at 1.5 percent of GDP wile public debts increased to 74.5 percent of GDP.

March 31, 2014

Slovenia: Controversial Property Tax Fails

The Slovenian Constitutional Court has rejected the controversial property tax suggested by the government. This will jeopardize this year’s budget.

March 28, 2014

Poland to Fulfill EU Commission’s Regulations

According to Polish Finance Minister Mateusz Szczurek, Poland will have no difficulties fullfilling the standards set by the European Commission with regard to the budget deficit.

March 27, 2014

Slovenia: Chaos around Real Estate Tax Continues

On Thursday the Slovenian National Assembley will pass amendments to the highly debated real estate tax.

March 27, 2014

Hungary: Orban Striving to Become PM Again

In an attempt to gain another four years as head of the government Hungarian Prime Minister Viktor Orban praises the country’s achievements in the past years since his Fidesz party came into power.

March 26, 2014

Austria: No Changes to Land Transfer Tax

There will be no tax hikes in the near future concerning the inheritance of property within families. The draft law of the Finance Ministry also includes the exemption of business successions.

March 24, 2014

Hypo Group: New Supervisory Board President

Herbert Walter becomes head of the nationalized Austrian Balkan lender Hypo Group Alpe Adria. According to Austrian Finance Minister Michael Spindelegger, Hypo Group needs even more capital injections.

March 24, 2014

Hypo Group: “Acutely Gaping Capital Hole“

In a compulsory notification published on Friday morning, Hypo Group Alpe Adria has reported about an “acutely gaping capital hole” which has to be covered by the Austrian Federation.

March 21, 2014

Slovenia: Exuberant Public Spendings

Public finances in Slovenia have gone wild as only after two months almost half of the total deficit planned for 2014 was spent.

March 20, 2014

Fitch: Elections Command Fiscal Consolidation and Reforms

Vucic appears to acknowledge the need for reforms in Serbia.

March 20, 2014

Austria: Reform Steps Very Modest

Austria, along with Germany and Switzerland, hardly put any economic reforms into realization. This is the conclusion of the annual “reform barometer” for the three countries.

March 20, 2014

Slovenia: Government Confirms Tax for Residential Property

The government has confirmed the changes adopted for the introduction of the real estate tax.

March 20, 2014

Hypo Group Expected to Publish Figures This Week

On Thursday the Austrian taxpayers are supposed to officially get to know the financial requirements for nationalized problem bank Hypo Group Alpe Adria.

March 19, 2014

Serbia: Economic Activity Increases Speed

Since the beginning of 2014 economic activity has started to accelerate.

March 19, 2014

Slovenia: Confusion over Real Estate Tax

The deadline for real estate owners to prepare for the new real estate tax has been extended by a month.

March 19, 2014

Wifo Warns European Council of Economic-Policy Standstill

The Austrian Institute of Economic Research sharply criticizes the current economic policy of the European Union and calls for a change of course to reach the self-defined targets.

March 19, 2014

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
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