CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Austria's 2013 Tax Take Buoyed By Labor Market

Austria's 2013 Tax Take Buoyed By Labor Market

by Ulrika Lomas, Tax-News.com, Brussels

02 April 2014


Figures from Austria's national statistics agency show that tax and social security receipts exceeded forecasts in 2013.

The nation's total tax take reached EUR140.9bn (USD194.3bn) in 2013, up 3.2 percent or EUR4.4bn compared to 2012. Revenue from current taxes on income and wealth was up 4.5 percent compared with 2012. Meanwhile, consumption taxes and import duties rose 1.1 percent, up EUR0.5bn.

Additional income estimated at about EUR717.1m flowed from the withholding tax agreement concluded with Switzerland.

Austrian Chancellor Werner Faymann welcomed the increase in revenue collection, which helped to reduce the public deficit to 1.5 percent of gross domestic product (GDP) last year, which was significantly below the 2.3 percent target in the 2013 budget.

Faymann nevertheless warned that the costs of propping up bank Hypo Alpe Adria will negatively impact on the budget in 2014. He therefore stressed the importance of maintaining the bank levy to ensure a fair contribution from the financial sector. This tax generates approximately EUR3.2bn per legislative period.

TAGS: tax | value added tax (VAT) | gross domestic product (GDP) | budget | agreements | withholding tax | Austria | Switzerland | individual income tax | European Union (EU) | Europe

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »