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14.03.2014

Bank Austria rejects Strache's claims as false

  • Statements made yesterday by Heinz-Christian Strache (FPÖ) and Jan Krainer (SPÖ) , claiming that Bank Austria is offsetting losses in Eastern Europe against profits in Austria under the group taxation regime are completely baseless
  • Bank Austria does not and never has made use of this possibility

The Austrian group taxation regime essentially gives companies that form a tax group the option of offsetting losses made by foreign group members against the profits of the Austrian group members. However, Bank Austria does not make use of this arrangement and reiterates yet again that losses of foreign subsidiaries are not and never have been offset against domestic profits under the group taxation regime. The tax group that is relevant for the group taxation regime comprises exclusively Austrian companies!

Profits generated by foreign subsidiaries are taxed in the country concerned in accordance with the principle of origin. In Austria only the portion of profits generated in Austria are subject to tax (on the basis of the balance sheet drawn up in accordance with the UGB) and this is calculated in compliance with the applicable fiscal provisions.

In 2013 Bank Austria made tax payments totalling EUR 229 million net.

Enquiries: Bank Austria Press Office Austria
Martin Halama, Tel. +43 (0) 50505 - 52371
E-Mail: martin.halama@unicreditgroup.at