Austria

Business Environment

Closed hours and days: Banks: Monday to Friday from 8:00 to 12:30 and from 13:30 to 15:30; on Thursdays: from 13:00 to 17:30.

National standards organizations
Integration in the international standards network: The audit is compulsory for :
Banks, insurance companies and investment funds, all the AktienGesellschaft (AG Limited companies), GmbH (Limited Liability Company) or GmbH&Co Kg (limited partnerships) with a total of assets superior to 37 million Schillings, an annual turnover superior to 74 million Schillings and a workforce superior to 50 persons.
The external control of accounts must be confided to a body of experts (the approved auditors) recognized as such and chosen by the company.
Classification of standards
Online consultation of standards
Certification organizations

Independence of justice: The judiciary is independent in Austria.
Equal treatment of nationals and foreigners: Foreign nationals in Austria enjoy treatment at par with the natives from the country's judicial system, including the commercial disputes.
The language of justice: The judicial language is German which is accepted nationwide, although some of the states also have their own additional official languages.
Having recourse to an interpreter: Possible
Sources of the law and legal similarities: The Austrian laws are based on the constitution of 1920 (revised in 1929 and reinstated in1945); originating from Roman laws and judicial reviews of legislative acts by the Constitutional Court. Austria being a member of the European Union, the laws in the country need to comply with the conditions of the Community legislation. Austria accepts compulsory ICJ jurisdiction.
Consulting national laws online

National organizations: The body responsible for the protection of intellectual property in Austria is the Österreichisches Patentamt.
Austria signed the Agreement of Paris concerning the protection of the industrial property and the agreement which establishes the World Intellectual property Organization (WIPO), as well as the Agreement of Munich, the Agreement of Madrid and the Patent Co-operation Treaty (PCT).

Type of property	Law	Validity	International agreements signed
Patent	Patent Law 1996	20 years without prorogation if they are used within 3 years.
Trademark			Trademark law treaty Nice agreement concerning the International classification of goods and Services for the Purposes of the registration of Marks Protocol relating to the Madrid Agreement concerning the International Registration of Marks
Design
Copyright
Industrial Models

Tax rate: 20%
Reduced tax rate: 10 and 12%
The reduced rate of 10% applies to foodstuffs, agricultural products, rents, tourism and entertainment.
Exports and Banking transactions are exempted.
Other consumption taxes: Excise duties are also levied on certain products, especially on spirit.

>> To get further information on the VAT rates in Austria, please check the list of vat rates applied within the European Union, as well as the Ministry of Finances web site.

>> More detailed information on excise duties is available concerning alcoholic beverages, tobacco products, energy products on the European Commission website.

Tax rate

Capital gains taxation

The tax rate on long-term capital gains is 25%.

Other corporate taxes

Countries with whom a double taxation treaty have been signed: See the list of the convention signed on the website of the Ministry of Finance.
Whithholding taxes: Withholding tax rates are 25% for dividends, 25% for interest and 20% for royalties.
Bilateral agreement

Tax year: The financial year begins on 1st January and ends on 31st December of each year.
Accounting regulation bodies
Accounting reports: Austrian accounting is governed by the Commercial law.
The accounting rules respect the fourth and seventh European directives imposed by the accounting law
(Rechnungslegungsgesetz). The accounting law requires that all companies.
Publication: According to their legal status, Austrian companies have to publish annually a profit and loss account, a balance sheet and an appendix.
Professional accountancy bodies
Certification and auditing: The audit is compulsory for:
Banks, insurance companies and investment funds, all the AktienGesellschaft (AG Limited companies), GmbH (Limited Liability Company) or GmbH&Co Kg (limited partnerships) with a total of assets superior to 37 million Schillings, an annual turnover superior to 74 million Schillings and a workforce superior to 50 persons.
The external control of accounts must be confided to a body of experts ( the approved auditors) recognized as such and chosen by the company.
Accounting news