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Adminex AUSTRIA

Belvederegasse 2,
A – 1040 Wien
Austria
Tel. +43 1 22100 139
Fax. +43 1 22100 402
General Manager
Magister Robert Riehl
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Magister Robert Riehl
For many decades Robert Riehl used to be director and general manager of various Austrian daughter companies of leading international enterprises. Broad experience in all aspects of general company management both in Austria as well as abroad: Market research, marketing, sales, financial, accounting and controlling. Direct experience in representing companies in various areas, with cash flow, cost control and strategy.

Experienced in early-stage startups as well as mature companies seeking to outsource their administrative processes and management;

Specialties: Business administration, sales and marketing, finance, international business and management. Company representation, negotiations with the third party. Bilingual German/French with perfect business English and some Italian.

Since the opening of the eastern states, Austria has established its first position in investing in the new countries as well as being the natural place for the headquarters of the eastern hemisphere. Therefore, Vienna is the ideal location for new investments and expansion in this area. Austria is one of the safest countries both in terms of living as well as in regards to the social standards with nearly no strikes.

Thanks to Austria’s geographic location at the crossroad of Eastern and Western Europe, direct foreign investment has always been high. Well-developed infrastructures, a skilled and competent work force and high productivity are the country’s strong points. Also export incentives, political stability and low telecommunication costs make the Austrian business climate favourable. Another attractive factor is the fact that Austria has the most attractive taxation system in Europe and does not have a wealth tax or professional tax. Regional investment subsidies, tax exemptions on training (20%) and a training bonus for apprentices guarantees the country’s appeal.

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AUSTRIA

Since the opening of the eastern states, Austria has established its first position in investing in the new countries as well as being the natural place for the headquarters of the eastern hemisphere. Therefore, Vienna is the ideal location for new investments and expansion in this area. Austria is one of the safest countries both in terms of living as well as in regards to the social standards with nearly no strikes.

Thanks to Austria’s geographic location at the crossroad of Eastern and Western Europe, direct foreign investment has always been high. Well-developed infrastructures, a skilled and competent work force and high productivity are the country’s strong points. Also export incentives, political stability and low telecommunication costs make the Austrian business climate favourable. Another attractive factor is the fact that Austria has the most attractive taxation system in Europe and does not have a wealth tax or professional tax. Regional investment subsidies, tax exemptions on training (20%) and a training bonus for apprentices guarantees the country’s appeal.

Though comparatively small, the Austrian economy is highly globalized and resilient. It recovered quickly from the recent global financial crisis and continues to support high levels of prosperity. Openness to global trade and investment is firmly institutionalized and supported by a relatively efficient entrepreneurial framework. Austria has a strong tradition of reliable property rights protection, and the legal system is transparent and evenly applied. Effective anti-corruption measures are in force.

Social and economic stability, combined with highest quality of life, make Austria the ideal location for your investment.

We are experts offering an international solution in the range of Accounting, Tax, Debt Collection, Human Resource, Executive Search as well as Strategic Advice. We assure each client of individual treatment and the highest standards to fulfil the entrusted tasks.

AUSTRIA Insights
  • From 1/03/2014, the disallowance for the part of wages exceeding €500,000 in Austria has come into force. This includes payments..
    Regulation of the law on income tax

    From 1/03/2014, the disallowance for the part of wages exceeding €500,000 in Austria has come into force. This includes payments for work and services performed if these exceed €500,000 per person per financial year. With this prohibition the legislator wished to counteract the increasing growth in the wage differential gap in the payment of income.

    This regulation was considered questionable in terms of constitutional law and was the subject of complaints by the affected companies. As individual applications had initially been rejected for formal reasons, the Austrian Constitutional Court (VfGH) has now ruled on this subject after the Austrian Federal Fiscal Court (BFG) had requested an examination of the law. The result is that the objections to the contested regulation of the law on income and/or corporation tax are unfounded.

    As a result, from 1/03/2014, higher salaries (for these purposes, payment in kind is to be included) are to be absorbed within the framework of effective tax reconciliation and are not tax deductible. The prohibition of deduction does not affect employer’s non-wage costs (employer’s contribution (DB), employer’s supplementary charge (DZ) and municipal tax). For payees, payment of salary is subject to full taxation of 50%. The decision does not affect the deductibility of legal severance payments, even if the severance is more than 500,000 €.

    The limitation of deductibility makes payment of salaries of more than 500,000 € very unattractive from a tax point of view, especially for companies in which the affected managers also have shares. For these companies in particular, it should be considered that – at least for amounts of more than 500,000 € – instead of payment of salary, dividend distributions should be made, which would be subject to Capital Gains tax (KESt) at a mere 25%.

    If the affected managers’ firms are still subject to the regime of the “old version of settlement on dismissal”, before the changeover to higher dividend distributions, additional measures (for example transfers within the group, notice of dismissal pending a change of contract) can be potentially worthwhile options involving termination of the employment status and the payout of a tax-privileged settlement on dismissal on the basis of the higher salary.

  • According to its June 2014 economic outlook, the Oesterreichische Nationalbank (OeNB) expects the Austrian economy to grow by 1.6%..
    The OeNB’s Economic Outlook for Austria

    According to its June 2014 economic outlook, the Oesterreichische Nationalbank (OeNB) expects the Austrian economy to grow by 1.6% in 2014. Exports will continue to be the main driver of the upswing this year, benefitting from the gradual recovery in the euro area and the moderate improvement in the global economy. Growth will accelerate to 1.9% and 2.1% in 2015 and 2016, respectively, being increasingly supported by domestic demand. HICP inflation is expected to decrease to 1.8% in 2014 and to 1.7% in 2015. According to the forecast, inflation will also remain moderate in 2016 (1.9%). “The prospects for the Austrian economy remain unchanged against the December 2013 outlook,” OeNB Governor Ewald Nowotny said. “However, due to the Ukraine-Russia crisis, there are downside risks to the forecast.”

    Global and Euro Area Growth Slowly Picking Up

    Global economic activity has been on a moderate uptrend in the first half of 2014. As a result, the need for a further consolidation of public finances has diminished in many countries. In the U.S.A., growth is expected to gain additional momentum despite disappointing first quarter figures caused by unusually cold weather last winter. In Asia, the pace of growth is subdued but steady. The euro area has emerged from recession and is back on a positive growth path. While the euro area has succeeded in reducing severe domestic and external macroeconomic imbalances, persistently high unemployment, high private sector debt and restrictive lending continue to be a drag on growth.
    The anticipated upswing of the Austrian economy is expected to be driven by an improvement in global economic conditions. Economic activity has been particularly lively in Germany, Austria’s most important trading partner. Growth is expected to pick up across all of Austria’s export markets but is likely to remain below precrisis levels. Austrian exporters’ price competitiveness and market shares will remain almost unchanged over the forecast horizon.

    Domestic Demand Also Supports Upturn of Austrian Economy

    Private sector investment, which decreased in 2013, will revive on the back of necessary replacement investment, a more favorable sales outlook and improving sentiment. Amid persistent uncertainties, the growth of investment in plant and equipment will remain fairly modest. At the same time, the uptrend in housing investment is expected to continue as funding conditions remain benign and house prices are still rising. Lower inflation, continuously high employment growth and higher income growth on the back of the economic recovery will contribute to a steady increase in real disposable household income from 2014 to 2016. As a result, real private consumption is expected to grow by 0.7% in 2014, 1.0% in 2015 and 1.4% in 2016.

    Unemployment Stable at Low Level

    In line with developments observed in the past years in the Austrian labor market, both labor supply and employment continue to grow markedly. Therefore, the unemployment rate (Eurostat definition) is expected to remain broadly stable at 4.9% to 5.0% over the forecast horizon. This makes Austria the country with the lowest unemployment rate in the EU.

    Inflation Remains below 2%

    Price growth will continue to lose momentum as energy and commodity prices decline. HICP inflation will consequently drop further, reaching 1.8% in 2014 and 1.7% in 2015. As the economy picks up steam, inflation is expected to edge up to 1.9% in 2016.

    Continued Need for Fiscal Consolidation

    The Austrian general government budget balance (Maastricht definition) will deteriorate temporarily to –2.5% of GDP in 2014 on account of additional bank support. In 2015 and 2016, the budget balance will improve to –1.2% and –0.7% of GDP, respectively. The government debt ratio (based on ESA 95) is forecast to increase to 79.2% of GDP in 2014, mainly because of the restructuring of Hypo Alpe-Adria Bank International AG. The government debt ratio will fall to 75.3% of GDP in 2016. The OeNB expects that additional fiscal consolidation of some ¼% of GDP will be necessary to enable Austria to meet the structural deficit target of –0.45% of GDP that has been agreed upon with the EU.

    Source: www.oenb.at

     

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