Predictive analysis and machine learning tackles €185 million VAT and other tax frauds The Austrian Federal Ministry of Finance’s specialised Artificial Intelligence tax fraud department, Predictive Analytics Competence Center (PACC), has been enjoying success in identifying various tax frauds. PACC’s work includes analysing VAT missing-trader
Increase in annual sales threshold from €35,000 to €42,000 Following a May consultation, the 2024 Tax Amendment Act has been gazetted and entered into effect on 20 July 2024. It includes an increase its Value Added Tax registration threshold from €35,000 to €42,000. The rise
VAT compliance and reporting rules in Austria Below is summary of the major rules provided under Austrian VAT rules (VAT Act; Regulations and guidelines from the Ministry of Finance), plus adoption of EU VAT Directive provisions. Check our country VAT guides for other jurisdictions. VATCalc’s
Austria to relaunch its SAF-T regime March 2024; was one of the earliest to adopt the OECD’s format for exchanging data with the tax authorities Austria’s is relaunching its version of the OECD’s Standard Audit File for Tax (SAF-T). This is expected to be launched
VAT compliance and reporting rules in Austria Below is summary of the major rules provided under Austrian VAT rules (Mervärdesskattelagen 1994, VAT Act; Regulations and guidelines from the Ministry of Finance), plus adoption of EU VAT Directive provisions. Check our country VAT guides for other
VAT subsidy for tourism and hotel sectors Austria has extended its COVID-19 reduced VAT rates on hospitality and hotels until 31 December 2021. The reduction were introduced on 1 July 2020 and was due to expire on 31 December 2020. The reduced rate cuts are
