- Austria’s National Council has approved a draft law implementing new reporting obligations for payment service providers from 1 January 2024, as required by Council Directive (EU) 2020/284.
- This directive mandates that payment service providers monitor cross-border payments and transmit information on those receiving more than 25 such payments per quarter to Member State administrations to combat VAT fraud.
- The council also approved the draft Tax Amendment Act 2023, which includes tax measures, beneficial owner register improvements, and the establishment of venture capital funds in the legal form of a stock corporation.
- Both laws require approval by the Federal Council.
Soure Orbitax
Latest Posts in "Austria"
- Austrian Court Rules on VAT and Corporate Tax for Housing as Hidden Profit Distribution
- Austrian Court Clarifies Input VAT Deduction Rules for Apartment Rentals in Business Use Case
- Austrian Court Denies Tax Deductions for Unrented Property Due to Insufficient Rental Intent
- Streamlined EU Administrative Processes: Your Digital Gateway for Cross-Border Services
- ECJ State Aid C-360/25 (X) – Questions – Legal Validity of the Bank-to-Bank VAT Exemption