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 […]
Austrian Supreme Administrative Court (VwGH) confirms: setting up a company group with an EU/EEA group parent (without an Austrian branch) is possible
The VwGH (27/03/2024, Ro 2023/13/0018) has largely confirmed ruling of the tax court at first instance and confirmed that the current law conflicts with CJEU case law and EU primary law (see our newsletter), but has solved the technical aspects of the income attribution in such a “sister” tax group differently. Facts and circumstances A […]
High court desicion: No final loss utilization for shares in case of a liquidation of non-EU/EEA tax group member
According to the Austrian Administrative Supreme Cout (“VwGH”) the Austrian tax group regime is full set of rules, which prevails as lex specialis over the general rule for the loss utilization. Therefore the concurrent application of the general final loss utilization rules for shares were rejected by the recent case law in case of non-EU/EEA […]
Austrian Federal Tax Code (FTC) – Increase of deferral interest as of 1 July 2024
If deferred payments (deferrals and instalments) for tax liabilities were requested and approved, deferral interest will be levied (section 212 para. 2 FTC). Deferral interest (for federal taxes) below EUR 50.00 are not be assessed. Due to the COVID-19 pandemic, a “reduced deferral interest rate” of 2 percentage points above the base interest rate is effective […]
VAT in the Digital Age (“VIDA”) – The digital future of VAT
No consensus reached by ECOFIN on 14 May 2024 on the compromise proposal On 8 May 2022, the European Commission submitted a draft for a Council Directive on the initiative “VAT in the Digital Age” (ViDA) including the long-awaited proposals for modernising VAT rules in the EU. In general, the proposal for the Council Directive […]
Austrian Ministry of Finance (BMF) publishes draft of the Austrian Tax Amendment Act 2024
On 3 May 2024, the Austrian Ministry of Finance (BMF) published a draft of the AbgÄG 2024 (Austrian Tax Amendment Act 2024; AbgÄG 2024). This draft includes, in particular, the following significant amendments: Income tax With the AbgÄG 2023, contributions of a partner into its partnership are treated two- sided for income tax purposes: Whilst […]
On 4 April 2024, the Austrian Federal Ministry of Justice published the consultation draft on the “Austrian Federal Act on the Publication of Country-by-Country Reports (CbCR) on Income Tax Information”. This legislation transposes Directive (EU) 2021/2101 amending the EU Accounting Directive regarding the publication of income tax information by specific companies and branches into Austrian […]
Reduction of assessment rates for the contribution to the Austrian Economic Chambers (KU) as of 1 January 2024
The Austrian Federal Economic Chamber (WKÖ) has reduced the assessment rates for the contribution to the Austrian Economic Chambers as of 1 January 2024. New assessment rates KU2 The assessment rates of KU2 were reduced for Lower Austria (previously 0.24%), Salzburg (previously 0.25%), Vorarlberg (previously 0.23%) as well as for the WKÖ (previously 0.14%):
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