AUSTRIA: EU PROCEDURE ON FUND TAXATION

Article Abstract:

The European Commission has initiated a procedure on Austria's taxation of investment funds. The investigation concerns Austria's investment fund law from 1993, which involves tax benefits for investors withdrawing from Austrian investment funds, while those withdrawing from foreign investment funds get no such benefits. The procedure that is based on a complaint by the association of foreign investment companies in Austria, VAIO, may lead to a lawsuit in the European Court.

Government regulation

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AUSTRIA: GAMAX DISCOVERING ETHNIC MARKET

Article Abstract:

Gamax Austria GmbH is to target increasingly the 165,000 Turkish-speaking people in Austria in future. This ethnic group represents an income of about Sch 5bn. Gamax is hoping to benefit from the loss of confidence of expatriate Turks in Turkish finance institutes.

Gamax Austria GmbH

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AUSTRIA: SAVINGS BANKS COMPLAIN AGAINST TAX

Article Abstract:

Austria's savings banks have lodged a complaint with the Constitutional Court against the 2.5% tax at source for foreign investment funds that took effect from 2001. The banks claim that the tax violates against the principle of equality. They also protest against the administrative work involved for the banks.

Legal issues & crime

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