During the 2017 election campaign, the industrialist emphasized that he had done a good job of taxing. He was also an important donor for the ÖVP at the time. Now he had to pay back millions.
So yes: the industrialist Stefan Pierer, founder of motorcycle manufacturer KTM and major donor to the ÖVP, did not properly tax the income from an insurance policy in Liechtenstein. Research by ‘Standard’ and ORF showed that Pierer had to pay millions in additional taxes. This happened after a voluntary disclosure in 2017.
In total there was a tax reduction of six million euros, plus interest and a tax increase. In total, Pierer had to pay more than eight million euros, according to documents from the responsible tax authorities. Pierer has filed a complaint against the interest payment, among other things, the outcome of which is not clear.
A tax treaty with Liechtenstein should enter into force in 2013. This would have exposed the assets that were previously kept there anonymously. Two weeks before the agreement came into effect, Pierer canceled the insurance and transferred more than 20 million euros to Austria.
Two years later, the government decided that income must be reported retroactively. This resulted in the so-called smugglers list, on which Pierer was also on. The Upper Austrian was a recurring topic in domestic politics because of his donation to the ÖVP.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
