Austria: Fiscal Stability Package 2012: Planned Tax Law Amendments in Real Estate Taxation
On 17 February 2012 the Austrian Federal Government presented a draft bill of the long expected consolidation package 2012 – 2016. The stability package shall raise 26.5 billion
Euros for the budget over the next 5 years, of which 7.5 billion Euros should be gained from tax revenues.
An essential part of the additional planned revenues should be procured by changes in taxation of real estate. These changes shall raise revenues of more than 3 billion Euros and will include amendments in input VAT deductions related to real estate properties as well as the abolition of the speculation period for income tax purposes.
The review period for the new legislation ended on 27 February 2012, the result of the parliamentary vote is expected in March 2012.
