Austria: Tax Increases
The National Council of Austria has adopted with minor changes the Government's Tax Amendment Act, providing for a number of tax increases. The Tax Amendment Act increases the standard consumption tax, the motor vehicle tax, and the tobacco tax. The
See MoreAustria: Information regarding intangible property and financial services
From 1st March 2014, interest and royalty payments to certain related parties are not deductible for tax purposes if the recipient corporation is not subject to tax due to an exemption; is subject to a nominal or specific tax rate of less than 10%
See MoreAustria’s Finance Minister clarifies FTT Start in 2016
Austria’s Finance Minister has clarified that a European Union (EU) financial transactions tax (FTT) will not come into effect until at least 2016. Austria’s State Budgets for 2014 and 2015 will reflect the delays and will not make provision for
See MoreSingapore: DTA between Singapore and Austria enters into force
The Singapore tax authority announced on February 6, 2014, that the double tax agreement (DTA) signed between Singapore and Austria will enter into force on May 1,
See MoreAustria: Research Institute Calls for Symbolic Cut in Taxes on Labor
The President of the Austrian Institute of Economic Research has urged the Government to launch its offensive on reducing the fiscal burden on labor in Austria as early as next year, starting with a symbolic first step. He proposed that the
See MoreAustria publishes revised draft bill amending tax acts
A revised draft bill of the 2014 Tax Amendment Act (Abgabenänderungsgesetz 2014; AbgÄG 2014) was forwarded to the Austrian Parliament on 29 January 2014. The revised draft bill modifies the initial draft bill with amendments to certain Austrian
See MorePakistan: Cabinet approves the DTA Protocol with Austria
Pakistan’s Cabinet approved, on 20 January 2014, the Protocol to the DTA signed between Pakistan and Austria. This effectively completes the ratification on the Pakistan
See MoreAustria: Tax Reform Working Group
The Austrian Government has set up a working group for tax reform, with a view to submit reform recommendations by the end of 2014. The specific reform objectives have already been set out in the coalition agreement, and the planned reforms will
See MoreAustria: draft 2014 bill amending Tax Acts
The Austrian Ministry of Finance, published the 2014 Tax Amendment Act (Abgabenänderungsgesetz 2014; AbgÄG 2014), on 9 January 2014. This amending law will make changes to certain Austrian Tax Acts, as follows: Limiting tax deductibility of
See MoreAustria: Special taxes increased
Austria published draft legislation to increase the tax rate for the special bank levy to 0.09% for assets above EUR 1 billion and 0.11% for those above EUR 20 billion. The draft, which has yet to be agreed upon in parliament, also includes other
See MoreAustria: “Provisional” Budget submitted
The Austrian Government has submitted a provisional budget for 2014 to the Austrian National Council; the proposals broadly follow the coalition accord. Tax rises are proposed in the motor vehicle insurance tax and on alcohol and tobacco, and for
See MoreAustria: Chancellor says tax reform is first priority
The Austrian Chancellor has clarified that his number one priority is to reform the country’s tax system, as soon as there is scope to do so. The Chancellor highlighted that he will push for the fiscal reform to be financed by wealth taxes. The
See MoreDTA between Austria and Slovenia
Austria completed its domestic ratification procedures on 26 November 2013, in relating of the amending protocol to the double tax agreement (DTA) signed with Slovenia, and the protocol entered into force on that date. The protocol includes detailed
See MoreAustria – Legislates rapid reaction reverse charge on VAT fraud
Austria has the new mechanism to enable member states to change reporting and VAT obligations at short notice were brought into place. This instrument allows member states to gain consent from the European Commission within 30 days to apply the VAT
See MoreProtocol to tax agreement between Austria and Hong Kong enters into force
According to a press release of 18 October 2013, the amending protocol on Income and Capital Tax agreement between Austria and Hong Kong, signed on 25 June 2012, entered into force on July
See MoreProtocol to DTA between Austria and Canada signed
A second protocol to the Austria –Canada Income Tax Treaty which was signed on 1 March 2012 will enter into force on 1 October 2013. The protocol contains provisions for the exchange of tax information and will have effect in accordance with the
See MoreAustria: From July 2013 Amendments’ to Limited Liability Company Act
Austria has passed an amendment to the Limited Liability Companies Act from 1st July 2013 with the aim of reducing the costs connected with setting up an Austrian limited liability company. A new provision has also been introduced into the
See MoreAustria:Corporate tax guidelines limit interest deductions
The Austrian Ministry of Finance published revised corporate income tax guidelines in March 2013, to tightening the rules with respect to interest deductions in connection with “debt push-down models” and concerning tax loss carry forwards
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