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Austria: Tax internal control system requirements; other recent developments

Austria: Tax internal control system requirements

A recent amendment to Austria’s tax law introduced a tax internal control system (“Steuerkontrollsystem”) that is to apply in the course of “horizontal monitoring.” The tax authorities have issued guidance (currently an ordinance released in draft form) to implement these measures.

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In general, there is a new standard for a tax compliance management system to be implemented by all companies (not just those that participate in the horizontal monitoring program. In essence, the new rules are based on the standards in Germany (IDW PS 982 and PS 980).

 

Read an October 2018 report [PDF 332 KB] prepared by the KPMG member firm in Austria

Other developments

Other items discussed in this report concern:

  • A decision of the Federal Finance Court denying a deduction for interest paid to an Irish financing company with respect to an inter-company purchase of Austrian participations
  • A decision of the Federal Finance Court regarding the valuation of a participation, and the evidence for a write-down to the fair value of investments 
  • The publication of an actuarial table for use in calculating employee benefits
  • Draft changes proposed to the value added tax (VAT) guidelines
  • Draft changes to the stamp tax (duty) guidelines
  • A decision of the Federal Finance Court concerning a deduction of expenses claimed for the removal of parts of an old building required for the construction of a new building
  • Information that Austrian financial institutions must report on a monthly basis about withdrawals of capital from depository and custodial accounts that are maintained for individual customers
  • Ratification of the new income tax treaty with Japan, scheduled to be effective 1 January 2019

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