2023-07-09 12:47:24
Bring the budget path to a reasonable and sustainable level – reject wealth and inheritance taxes as yesterday’s concepts
Vienna (OTS) – On the occasion of today’s ORF press hour with Finance Minister Magnus Brunner, Georg Knill, President of the Federation of Industrialists, emphasizes: “Today the Finance Minister addressed numerous points that are essential for Austrian entrepreneurs. Be it the importance of high wage agreements on inflation or the need for companies to make profits in order to secure jobs and make important investments in the future,” says Knill and continues: “It’s good that the importance of companies for prosperity and the welfare state recognized and supported.”
State budget at a reasonable and sustainable level is necessary
The industry also supports the Finance Minister’s goal of returning to a sensible and future-oriented budget path, as Knill emphasizes: “After the extensive aid measures in the wake of the Corona crisis and in the course of combating inflation, the national budget must be brought back to a reasonable and sustainable level to be brought. The extensive economic aid was important and right in the situation at the time – like the aforementioned EKZ II – which was available as a necessary protective shield for those companies that came under pressure from the high energy prices and the aid measures in Germany. Now, however, it is time to go down the path to moderate budgeting once more.”
Wealth taxes are not a future-proof model
When asked regarding wealth and inheritance taxes, Finance Minister Brunner rejected the concept due to the high level of bureaucracy and comparatively low efficiency. The industry also insists that in a country with the highest taxation like Austria, there is no need for further tax burdens for companies such as small and medium-sized enterprises: “In the discussion, it is often forgotten that Austria already had both wealth and inheritance tax. In 1994, the wealth tax was abolished for good reason by an SPÖ/ÖVP federal government, led by an SPÖ finance minister. The high level of bureaucracy and the fact that it mainly affected business assets were the reasons for the abolition. Going back to outdated concepts now does not make sense. Rather, modern and future-oriented models are needed to continue to secure our location and make entrepreneurship in our country more attractive,” says Knill.
Use free funds for performance incentives
The legal regulation for the majority automatic compensation of the cold progression was always welcomed, as this was a long-standing demand of the industry. It not only helps to relieve income taxpayers, but also motivates the state to use taxpayers’ money more carefully and efficiently. “The third of the progression effect that is available to the federal government should be invested in measures to relieve top performers and to make work more attractive. Finance Minister Brunner gave the social partners a hand here to use these funds sensibly,” says Knill and continues: “We, as an industry, have already made some suggestions as part of the “Performance must pay off once more” package, such as work can become more attractive once more and we can counteract the shortage of skilled workers and workers.”
Questions & contact:
industrial association
Marlena Mayer
press secretary
+43 (1) 711 35-2315
[email protected]
1688948042
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