Increase of interest rates in the Austrian Federal Tax Code (BAO)
Due to the increase of the key ECB interest rate by 0.5%, changes to deferral interest, interest for suspension, claim interest (interest for subsequent payments and credits), appeal interest, as well as VAT interest have occurred.
The European Central Bank raised its key interest rate with effect from 27 July 2022. Due to the automatic adjustment, the Austrian base rate has increased from -0.62% to -0.12%. Currently, the relevant interest rates are a uniform 2% above the base rate.
From 27 July 2022, the effective interest rates in the Austrian Federal Tax Code (BAO) are as follows:
|Deferral interest||§ 212 para 2 BAO||1.88 % *|
|Interest for suspension||§ 212a para 9 BAO||1.88 %|
|Claim interest||§ 205 para 2 BAO||1.88 %|
|Appeal interest||§ 205a para 4 BAO||1.88 %|
|VAT interest||§ 205c para 5 BAO||1.88 %|
|* until 30 June 2024, in accordance with § 323c para 13 BAO, subsequently 4.38 %|
The corresponding decree of the Austrian Ministry of Finance (BMF) was published on 26 July 2022 in Findok.
If the above-mentioned interest amounts are below EUR 50, they should not be assessed.
Author: Eva Ebner, Valentin Strasser