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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Tax - News .com: Austria accepts bank levy

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Austria Agrees To Bank Levy, by Ulrika Lomas, Tax-News.com, Brussels
Last updated 11 hours ago | Tuesday, November 02, 2010

During a recent two-day budgetary meeting in Loipersdorf, Austria?s ruling coalition government finally united on plans for a tax and savings package for next year. The proposed 2011 budget provides for additional tax revenues of EUR1.2bn over the course of the coming year ? half a billion euros less than originally intended, and, notably, for the introduction of both a bank levy and a fuel surcharge. The government?s tax and savings package is designed to reduce the country?s deficit in 2011 to 3.2% of gross domestic product (GDP).

At the heart of its budget, the government has firmly embedded plans for a bank levy to be imposed on banks in Austria from next year, expected to generate in the region of EUR500m in additional revenues for the state. Of this sum, EUR340m will be derived from either a 0.04% or 0.08% levy imposed on capital assets, and the remaining EUR160m from speculative derivative trades. Determined by the size of the bank, a 0.04% tax will be levied on banks with a balance of more than EUR1bn, while a 0.08% tax will be levied on banks with a balance in excess of EUR20bn.

In addition, the government also expects to generate in the region of EUR536m a year by introducing a carbon dioxide surcharge on fuel of EUR20 per tonne. This levy corresponds to an increase of 5 cents per litre in the price of diesel and to a rise of 4 cents per litre in the cost of petrol. Also, individuals electing to purchase a new high emissions vehicle (with emissions in excess of 180g of carbon dioxide) will be liable to pay a higher carbon dioxide surcharge than under the existing fuel consumption levy.

Other key proposals outlined by the government include plans to increase the taxation of interest earnings in foundations from 12.5% currently to 25%, and to tax profits from real estate in future, if the founder is a legal person. Under existing legislation, companies are able to avoid corporate taxation if property is placed in a foundation. Individuals may, however, continue to receive fiscal benefits if a property is placed in a foundation after a certain holding period. These measures are set to yield in the region of EUR100m for the government.

The government also plans to abolish the holding period for shares. Up until now, gains from shares have only been subject to tax within a one-year holding period. After this period, no tax is due. From January 1, 2011, however, profits from all stocks and shares will be subject to a 25% capital gains tax, irrespective of the holding period. The capital gains tax is to be withheld by the banks and subsequently transferred to the country?s tax authorities. The measure is expected to generate around EUR30m for the government in the first year, rising to EUR250m by 2014.

Other key measures contained in the budget and outlined by the government include plans to increase tobacco tax in Austria, and to introduce a plane ticket tax. Based on the German model, from next year a levy of EUR8 will be imposed on all flights to Europe, and a levy of up to EUR40 imposed on longer flights, designed to generate EUR60m in the first year and thereafter EUR90m. The government aims to generate a further EUR300m by removing existing tax loopholes and by clamping down on tax fraud.

Commenting on the budget, Austria?s Chancellor Werner Faymann and Finance Minister Josef Pr?ll emphasized that it ensured a fair distribution of the fiscal burden and that it provided a clear way out of the debt trap. Chancellor Faymann nevertheless acknowledged that the budget was far from set in stone, and that it was subject to review, hinting that changes could not be ruled out.

Faymann has also reportedly expressed his determination recently to strive for a reform of the country?s taxation within the current legislative period. Economic conditions permitting, Faymann intends to pursue the idea of wealth taxes in order to reduce the burden on employment, focussing on executive salaries and the introduction of a financial transactions tax. These plans had, he indicated, by no means been abandoned.

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