A new tax can appear in Austria

12.12.2011 During the plenary session of the National Council of Austria, issues of taxation were covered. A controversial point in the debate was a proposal to introduce in 2012 wealth tax to supplement and strengthen the state budget. The subjects of such tax may be persons whose income is estimated at 1.3 mln euro.
As a result, the lower house of Parliament of Austria was split into two parts: those who believe that an additional source of the budget replenishment is necessary for the country to ensure a stable financial situation, and those who believe that there is too high tax burden in Austria and the introduction of new tax will only have detrimental effect.
Let’s recall that Austria is considered one of the most expensive countries in the Western Europe. The tax burden actually is very high. For those individuals whose annual income exceeds 60 000 euro, there is 50% tax rate on personal income.
The question of a new wealth tax introduction should be resolved in the near future.

Expert’s opinion

”Austria has always been distinguished for a stable economy, high standard of living. And we can declare that taxation is also at a high level. This country is chosen only by businessmen who need stability and confidence in tomorrow. Expensive services only add prestigious status to Austria”.

On the basis: www.tax-news.com

Vorontsova Maria ( the lawyer of international consulting department of Honest&Bright)