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Taxation

Austria Insists on Financial Transaction Tax

Despite Germany’s finance minister sees little chance of a European Union agreement on the levy, Austria is sticking to plans for a financial-transaction tax in Europe to help consolidate its budget.

March 27, 2012

Budget: Wifo Misses Future Investments

The Austrian Institute of Economic Research (Wifo) commented the government´s draft of the budget. There is still a lack in active fiscal policy, Wifo states.

March 26, 2012

2,000 New Jobs Created by Foreign Enterprises

The Austrian Chamber of Commerce stressed the importance of foreign direct investment in Vienna. Last year, 126 foreign enterprises came to Vienna.

March 22, 2012

Lufthansa Claims Exemption of Air Ticket Tax

In order to restructure the Austrian loss making subsidiary AUA, the German airline pushes the Austrian government to abandon the air ticket tax.

March 17, 2012

Tax Agreement with Switzerland May Be Postponed

The plans of the Austrian government to conclude a tax agreement with Switzerland soon is unlikely. For the budget, this could cause a loss of revenues.

March 17, 2012

Austrian Government Holds on Financial Transaction Tax

In spite of discordance at the EU-level, the Austrian government is convinced to impose taxes on financial transactions by 2014.

March 17, 2012

Doubt About Austerity Package

Austria´s Finance Minister Fekter had to defend the government´s austerity package again. Experts are in doubt about the successful implementation.

March 15, 2012

Wirtschaftsbund: Leitl Re-Elected

Christoph Leitl, President of the Austrian Chamber of Commerce, has been re-elected as chairman of Wirtschaftsbund. 92.7% of the delegates voted for Leitl.

March 10, 2012

Ghizzoni: „Austrian Bank Tax Is Painful“

The Chief Executive Officer of UniCredit, the holding company of Bank Austria emphasizes not to sell the Austrian subsidiary. The bank tax is “unfair”.

March 10, 2012

„The Public Sector Does not Get Enough“

Klaus Pöttinger, President of Upper Austria´s IV takes Switzerland as model. Taxes would be too high, efficiency of the public sector is too low, he says.

March 9, 2012

Cernko Criticizes VBAG Bail-Out

Willibald Cernko, CEO of Bank Austria considers that the Austrian state reacted too late. A partly nationalization could have taken place already one year before.

March 9, 2012

Bank Taxes: Nowotny Supports Government

OeNB´s governor Ewald Nowotny defends the coalition plans to raise bank taxes by 25%.

March 7, 2012

Tax Treaty: Conflict with EU

The EU rejects Austrian tax treaty plans with Switzerland. Austria insists on the bilateral agreement.

March 7, 2012

Taxation of Pension Funds: One-Time Effect of € 900m

In order to restructure the financially stricken VBAG, the Austrian government anticipates taxes on pension funds. As a result, € 75m will lack in future.

March 6, 2012

Again Criticism on Austerity Package: „Lack in Sustainability“

The President of the Viennese Federation of Austrian Industries (IV), Georg Kapsch, misses details of the austerity package. The package is not ambitious enough, Kapsch considers.

March 5, 2012

AUA: Negotiations Go On

Austrian Airlines does not face strikes. Not only AUA´s management is under pressure. Workers fear a new foundation of AUA or a re-sale.

March 5, 2012

Viennese Office Market: Collapse Threatens

Although office rents are relatively low in Austria´s capital, multinational companies tend to establish their headquarters elsewhere. Real estate experts fear a vicious circle.

March 5, 2012

Austerity Package: Sorger Misses Reforms

The President of the Federation of Austrian Industries (IV), Veit Sorger, sees a massive lack in structural reforms. The austerity package is a “missed opportunity”.

March 3, 2012

VBAG´s Rescue Endangers Austerity Targets

In 2012, savings should reach € 576m. However, only write-offs in VBAG cost € 700m. The Austrian government seeks for additional revenues.

February 29, 2012

New Criticism on Austerity Package

For the chief economist at RZB, Peter Brezinschek, the austerity package is not ambitious enough. The President of the Austrian Chamber of Commerce, Christoph Leitl, criticizes the introduction of new taxes.

February 28, 2012

Partial Nationalization of VBAG Planned

The financially stricken Austrian bank receives new capital. The Republic of Austria makes contributions of € 1.05bn. Bank taxes will increase.

February 27, 2012

Austrian Industry: „Austerity Package Brings Excessive Rise in Labor Costs“

For the Federation of Austrian Industries (IV), the austerity package causes an enormous rise in labor costs for entrepreneurs.

February 25, 2012

Fekter: „Austerity Package is Structural Reform Package“

In spite of criticism by economists, for the Austrian Minister of Finance, the austerity package is a “big success”.

February 20, 2012

Leitl Pushes for Reforms

The President of the Austrian Chamber of Commerce appreciates that actions worsening the Austrian business location conditions were prevented.

February 15, 2012

Austerity Package Brings Burden of € 900m for Companies

The Austrian austerity package causes costs of € 900m for the Austrian real economy until 2016. Especially non-wage labor costs rise.

February 14, 2012

„Financial Transaction Tax Could Cause Recession“

According to the CEO of Vienna Stock Exchange, Michael Buhl, a financial transaction tax would cost productivity at enterprises.

February 14, 2012

Doubt and Criticism on Austerity Package

For the director of IHS, the austerity measures do not contain real reforms. The implementation could become difficult. Administration reforms and health system reforms are too low, observers say.

February 13, 2012

Illegal Income from Switzerland Should Support Government´s Plans

The Austrian government hopes that proceeds from illegal income in Switzerland reach € 1.0bn in 2013. However, an agreement with Switzerland has not been concluded so far.

February 13, 2012

Rise in Rents Expected

The abandoned speculation term on Austrian real estate could lead to a sudden increase in rents.

February 11, 2012

Austerity Package Has Lack in Structural Reforms

The industrialists regard the Austrian austerity package even-tempered. WIFO misses structural reforms.

February 11, 2012

Austrian Government Presents € 27bn Austerity Package

The largest austerity package in Austria´s history mainly consists of cuts in expenditures. The government emphasized the socially balanced measures and the necessity due to reasons of competitiveness.

February 11, 2012

Austrian Government Resolves Austerity Package

Speculation terms on real estate will be abolished, the tax privilege on 13th and 14th salary too. Inheritance taxes or enrollment fees will not be re-introduced.

February 9, 2012

Austerity Package Takes Form

Although negotiations over the austerity package are not finished, first details are already known.

February 7, 2012

Sorger „Focusing on Business Location“

The President of the Federation of Austrian Industries, Veit Sorger, reaffirmed the strengthen Austria´s economic competitiveness.

February 4, 2012

Constitutional Court: Bank Taxes in Line with Constitution

A complaint over bank taxes by Austrian banks was disapproved. According to the court, banks were primarily responsible for the economic crisis.

February 3, 2012

Central-Upper Austria Overtakes Vienna in GDP per Capita

The urban Upper Austrian region Linz-Wels has the highest GDP per capita in Austria. Vienna ranks second.

January 31, 2012

Austerity: ÖVP Becomes Impatient

Negotiations between the coalition partners SPÖ and ÖVP are going on. ÖVP´s chairman Spindelegger locates an “incredibly big need of consolidation”.

January 31, 2012

FPÖ Wants Cuts in Spendings

The biggest Austrian opposition party suggests reducing public expenditures in order to reduce the budget deficit. Chairman Strache calls for a “subsidy brake”.

January 30, 2012

Felderer Attacks Austrian Government

The head of the Austrian Institute of Advanced Studies fiercely criticizes Austrian politicians. Felderer claims to put effort in the restructuring of public finance.

January 30, 2012

New Tax Burden for Telekom Austria

Telekom Austria has to pay tax on mobile network services in Croatia.

January 30, 2012

Budget Deficit Lower Than Forecasted

The Austrian budget deficit in 2011 reached 3.3%. Initially, the figure was expected to amount to 3.9%.

January 27, 2012

Strache Claims Cut in Subsidies

The chairman of the Austrian opposition party FPÖ criticized the government fiercely for its fiscal policy.

January 23, 2012

Austerity: Unions Versus Industrialists

The Austrian trade unions want to impose property taxes, the Federation of Austrian Industries seeks cuts in spending.

January 21, 2012

Government to Sharpen Austerity Measures

After the downgrade of Austrian sovereign bonds from „AAA“ to „AA+“ by S&P, the Austrian government aims to reach its austerity targets earlier.

January 17, 2012

Downgrade: Government Surprised and Criticized

For the Austrian government, the downgrade by the U.S. rating agency is „not comprehensible”. The domestic industry urgently claims structural reforms.

January 14, 2012

Telekom Austria Faces New Taxes in Croatia

Croatia re-introduces extraordinary taxes for telecommunication operators. The local government is criticized by Telekom Austria and the EU.

January 13, 2012

„Vienna Is One of the Most Undervalued Stock Exchange in the World“

According to the investment funds manager Alois Wögerbauer, Vienna has a huge upside potential.

January 12, 2012

Austrian Wage Tax Intake Grows

The Austrian wage tax volume totaled 21.6bn in 2010. Gross wages were up by 2.5%.

January 11, 2012

ÖVP Does Not Exclude New Taxes Anymore

Against previous statements, the head of the Austrian conservatives, Michael Spindelegger, considers to introduce new taxes.

January 9, 2012

„Not Talking Down Austerity Policy“

Bernhard Felderer, head of the Austrian Institute of Advanced Studies (IHS), warns daily issued ideas for new taxes. First signs of a recovery are arising.

January 7, 2012