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Austria - TAXES ACCOUNTING |
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Corporate tax
Tax rate for resident companies |
Normal rate has been 25% since January, 1st of 2005.
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Taxe rate on long-term capital gains |
The tax rate on long-term capital gains is 25%.
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System governing groups of companies and dividends paid by subsidiaries to their parent companies |
Generally, the tax rate applying to dividends paid to residents and nonresidents is 25%, which correspond to up-front deduction at source.
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Tax rate on branches |
In Austria, branches are taxed at the rate of 25%.
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Income tax
Fiscal year |
The financial year begins on 1st January and ends on 31st December of each year.
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Income tax rate |
Applicable tax schedule for one person only, for the incomes of 2005:
0 EUR to 10.000 EUR: 0%
From 10.000 EUR to 25.000 EUR: 23%
From 25.000 EUR to 51.000 EUR: 33,5%
Beyond 51.000 EUR: 50%
Married taxpayers are separately taxed
There is no wealth tax.
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VAT rates
Standard rates |
Standard VAT is 20%,
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Reduced rates |
Reduced rate of 10% on (for example) food, books, newspapers, public transport, and residential property lettings. Parking rate of 12%.
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Accounting
General accounting principles
Austrian accounting is governed by the Commercial law.
The accounting rules respect the fourth and seventh European directives imposed by the accounting law
(Rechnungslegungsgesetz). The accounting law requires that all companies.
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Obligations and publications
According to their legal status, Austrian companies have to publish annually a profit and loss account, a balance sheet and an appendix.
Certification and auditing
The audit is compulsory for :
Banks, insurance companies and investment funds, all the AktienGesellschaft (AG Limited companies), GmbH (Limited Liability Company) or GmbH&Co Kg (limited partnerships) with a total of assets superior to 37 million Schillings, an annual turnover superior to 74 million Schillings and a workforce superior to 50 persons.
The external control of accounts must be confided to a body of experts ( the approved auditors) recognized as such and chosen by the company.
Professionals and representative organizations
The approved auditor (Wirschaftspruefer) and the fiscal councillors.
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Export Entreprises SA ©, All rights reserved
Last modified in
January 2003
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