Monday, February 14, 2011

Tax - News .com: FM the Austria Unveils 2011 budget bill

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FM the Austria Unveils 2011 Budget Bill by Ulrika Lomas, tax - News .com, Brussels
Last updated 14 hours ago | 01 December 2010

After months of political wrangling and speculation, Minister of finance Josef Pr?ll Austria?s finally unveiled details to the National Assembly of the 2011 budget country?s, designed to redress the finances and reductions in important spending and a number of measures tax key.

Recognizing the fact that the budgetary negotiations between the two parties in the coalition had been long and hard, Pr?ll proudly referred to in budget ?red-white-red? as not only a package savings but also as a ?future package?.

Introducing the tax measures in the budget, Pr?ll stressed the need for employment be useful for those who have the property not to be punished. Here, Pr?ll confirmed that the idea of tax, what he calls a burden on the middle and working classes, was excluded.

? solidarity? Pr?ll ?sign emphasized between tax initiatives contained in the budget for 2011 and described by the Minister of finance not are scheduled for the introduction of a tax Austria Bank. New proposed Bank collection is designed to produce in EUR500m region for the Government of additional tax revenue.

The Government also plans to abolish the period of operation for the actions, to ensure that from 1 January 2011, the benefits of all stocks and shares are subject to a 25% capital gains tax. Defending the proposal, Pr?ll wondered why hard working individuals should be taxed more gains in the short-term financial markets. Pr?ll also confirmed plans to increase taxation of interest income in the foundations of 12.5% currently to 25%.

Determined to take account of the environment, Pr?ll revealed a company plans to introduce the two air ticket tax as well to increase fuel tax. The Government has also resolved to curb tax evasion and to fill the existing gaps, he noted.

Reduce country?s deficit next year to 3.2% of gross domestic product, the budget provides savings autour EUR1.6bn in 2011 and new tax revenues of approximately EUR1.2bn.

Budget review is due to start soon, with a resolution provided for December 22.

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