The tax revenues bubbles, and yet the state does not get its deficit under control. Most tax revenues have increased since 2019 compared to inflation, according to an analysis of the Austria agenda. Only the profit tax of the Rose company, which is not good news.
The new figures on budget enforcement from January to May are there, and they show that Austria still has anything but an income problem. In almost all categories, tax revenues have risen more than inflation that was 29.3 percent.
Shortage so far higher than in the previous year
But despite the good income situation, the state does not get its finances under control. “New debt is 400 million euros higher than in the same period last year,” said agenda-austria economist Denes Kucsera. A larger part of the rising output dynamics come from the guest houses and unemployed sectors. The two posts are 1.3 billion euros more than in the previous year.
In general, Austria has already used 10.5 of the 18.1 billion euros in the planned new debt in the months of January to May. The austerity measures must actually work in the second half of the year.
A glance at individual tax revenues shows that the turnover of sales tax has risen by 35.7 percent since 2019, although inflation was lower. In total, the state took 16.8 billion euros in five months. Income tax income also increased about inflation. The reason: income is also increased above inflation, ie real income has increased, the state also benefits from this.
High savings interest increases the power gain tax
Finally, the power gain tax is also understood, and clearly. Since 2019 she has doubled almost two billion euros. Compared to the same period last year (January to May), it also increased considerably from 1.5 to only two billion euros.
“The increase, however, 450 million euros come from interest income on the savings book and slightly less than 50 million from income from share profit,” emphasizes Kucera, who also sees the state in the quota with high savings.
Derie falls for the tax authorities, on the other hand, the income from corporation tax, which taxes with corporate profits. They have only risen by 17.5 percent since 2019 and have continuously decreased in the last three years. The profit speed is on a record layer, many companies are even in red – if there is no profit, you cannot tax them.
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.
