Category Taxation in Austria

Tux Cuts Planned for Austria

September 29, 2014 Taxation in Austria

Tax cuts in AustriaVIENNA – Individuals in Austria will almost certainly enjoy a tax cut by the end of 2016, although the government has not specified how it will funds such cuts.

Over the weekend at a conference held in Schladming the ruling Social Democrats (SPO) party of Austria proposed that at least EUR 5 billion of new tax relief should be provided to taxpayers in 2016.

The tax reduction will come primarily in the form of a cut to the rate of personal income taxes from 36.5 percent to 25 percent for incomes exceeding EUR 11 000, with further tax cuts to be potentially implemented after 2018.

So far no details have been released on how the tax will be funded, but political experts have noted that there is a difference of opinion on this matter between the SPO and its coalition partner People’s Party (...

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Austria Labels UK as a Tax Haven

April 12, 2013 Tax HavensTaxation in Austria

Old Bank Vault - 009VIENNA – Austria’s Finance Minster has struck out against the UK, saying that the country is a haven for tax evasion and money laundering.

In a media interview published on April 11th the Finance Minister of Austria Maria Fekter indicated that the government may be open to discussions on loosening the country’s bank secrecy laws, but stated that “these cannot be a one way street”, and as part of a joint international commitment, the UK and the USA would also need to amend their legislation and regulations which can facilitate the occurrence of international tax evasion and money laundering.

Maria Fekter’s comments stem from recent pressure excreted on Austria by the European Union to stop the practice of allowing foreign citizens to easily open and hold bank accounts in Austria.

Accor...

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Switzerland, Austria Will Sign Tax Deal

April 13, 2012 Taxation in AustriaTaxation in Switzerland

Tax deal goes hidden swiss bank accountsVIENNA – The governments of Switzerland and Austria could sign a new tax agreement within a matter of the next few days, potentially leading to the recovery of more than EUR 1 billion in previously unpaid taxes in Austria.

In an interview given to the Austrian media on April 12th the national Minister of Finance Maria Fekter revealed that Austria and Switzerland are ready to sign a tax deal, which could dramatically reduce the use Swiss banks accounts by Austrian taxpayers avoiding their tax obligations.

In her interview Maria Fekter indicated that the Ministry of Finance of Austria are ready, and will, sign the deal as soon as possible, saying that she is scheduled to be in Berne on April 13th to meet the Minister of Finance of Switzerland Eveline Widmer-Schlumpf in order to finalize the...

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Hong Kong Signs Multitude of Tax Agreements

March 23, 2010 International Tax CooperationTaxation in AustriaTaxation in FranceTaxation in Hong KongTaxation in NetherlandsTaxation in Switzerland

Hong Kong night sceneryHong Kong is heralding a new era of taxation transparency and cooperation, having signed three bilateral tax agreements and provided definite indications that it intends to amass the 12 required to be warranted a place on the Organization for Economic Development and Cooperation’s (OECD) list of nations adequately implementing international tax standards.

The Hong Kong Government began the week with the signing of three separate Comprehensive Agreements for the Avoidance of Double Taxation (CDTA) with the Netherlands, Brunei and Indonesia...

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Austria Pushes for European Transaction Tax

September 7, 2009 International Tax CooperationTaxation in AustriaTaxation in EU  No comments

The Austrian government has voiced their opinion in favor of instating a Europe spanning transaction tax.

Following a meeting of the Austrian Council of Ministers, the Austrian government has voiced its full support of creating a financial transaction tax system spanning the entirety of Europe. The idea was floated to the Austrian government in a paper written by Josef Pröll, Austrian Finance Minister. The aim of the financial transaction tax would be to rein in speculation on the financial markets and create a more stable currency markets. As set forth by Josef Pröll, the transaction tax could generate €2 billion in Austria alone.

This is not the first time that the Austrian government has greeted the idea of a transaction tax, having received unanimous support for it when raised earl...

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