Do not miss a single chance: Important deadlines for funding applications for the Transformation of the Industry
We would like to remind you that the deadlines for the submission of funding applications within the climate and transformation offensive of the Federal Ministry for Climate Action, Environment, Energy, Mobility, Innovation and Technology (BMK) are approaching. Important deadlines 19 September 2024: Submission deadline for investment funding – Transformation of the Industry; 31 October 2024: […]
“Pillar One – Amount B” – Publication of covered jurisdictions and qualifying jurisdictions
Within the framework of the BEPS 2.0 project, the report on Pillar One – Amount B (“Report on Amount B” or “the Report”) was published on 19 February 2024 and incorporated as an Annex to Chapter IV of the OECD Transfer Pricing Guidelines (for further details, please see our previous newsletter). Two supplements to the […]
The Austrian Tax Amendment Act 2024 has been published on 10 July 2024. The key changes of the Austrian Tax Amendment Act 2024 were already covered by our newsletter dated 8 May 2024 based on the draft. During the review process, the Austrian Tax Amendment Act 2024 was subject to the following amendment: Income Tax […]
Advancing sustainability: Funding opportunities for climate-friendly technologies
Transformation of the Industry The Austrian Federal Ministry for Climate Action, Environment, Energy, Mobility, Innovation and Technology (BMK) recently launched the second call for tenders for the Climate and Transformation Initiative to support the programme “Transformation of the Industry”. This funding programme is intended to support Austrian industrial companies in adopting climate-friendly technologies in their […]
Partial suspension of double tax agreement between Austria and Belarus
For the period June 2024 to December 2026 the application of Article 10 (dividends), Article 11 (interest) as well as Article 13 (gains from the alienation of property) of the double taxation agreement are suspended in both countries, resulting in a double taxation risk for Austria-Belarus transactions. For the period 1 June 2024 to 31 […]
Austrian Ceiling Regulation published – reclassification of COVID-19 subsidies exceeding the ceilings now possible in company groups
During the COVID-19 pandemic, the BMF (Austrian Ministry of Finance) has paid out several aids in the form of COVID-19 subsidies to companies pursuant to EU state aid law via the COVID-19 Finanzierungsagentur des Bundes GmbH (COFAG). In the course of implementation in Austria, the design of the ceilings for state aid pursuant to section […]
Public Country-by-Country Reporting & Tax Transparency
The EU introduced the Public Country-by-Country Reporting (CbC Report, or CbCR) Directive in November 2021 by which a vast number of multinational enterprises (MNEs) in the member states are obliged to publicly display corporate income tax data. Austria published a first draft of implementing this Directive into Austrian tax law in April 2024. While many […]
Update on the suspension of the double taxation agreement Russia – Effective date & unilateral elimination of double taxation
By decree dated 8 August 2023, Russia suspended the application of most parts of the double taxation agreement (DTA) Austria-Russia. After Austria successfully and congruently also suspended the agreement at the beginning of December 2023, the Austrian tax authorities published a decree on the effective date of the suspension and the unilateral elimination of the […]
Opting for taxation according to sec 6 para 2 Austrian VAT Act in the case of a subtenancy agreement and the sale of the property
In a letter to the Austrian Chamber of Tax Advisers and Public Accountants (KSW) on 26 April 2024, the Ministry of Finance (BMF) commented on the possibility to opt for taxation in section 6 para. 2 Austrian VAT Act (hereinafter UStG) in connection with the sale of the property in the case of a sublease. […]
New due diligence and reporting obligations for imports and exports as of 1 January 2025
The EU Deforestation Regulation (EU) 2023/1115 (EUDR) enters gradually into force as at 1 January 2025. Without prior submission of a due diligence statement, companies are not permitted to place the respective products on the market or to export them. The EUDR replaces the EU Timber Regulation (EU) 995/2010, which is currently in force. It […]
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