Austria: approved and amendment to the law on the establishment of private fundation

Private foundations. In March the Austrian Parliament has approved an amendment to the law on the establishment of private foundations. The most important change is that the foundation tax of 2.5% applied to distributions to foreign foundations is subject to compliance with certain transparency criteria. If these criteria are not met, the founding tax applied to distributions is raised to 25%.

As previously the highest tax rate must be applied also when the state where the foundation has its registered headquarter has not concluded an convention on the mutual assistance with regard to administrative matters and enforcement.

Auditors. The Supreme Court has recently issued a ruling regarding the activity of auditors. According to the finding, the rights of investors who have fallen victims to fraudulent investment schemes are subject to statutory limitation five years after the balance sheet was compiled unless the auditor was an accomplice to the fraudster.

The Supreme Court ruled that in case of a premeditated crime committed by the auditor the rights are subject to statutory limitation five years after the moment in which damage has been detected. However, if the auditor has acted only negligently, the rights are subject to statutory limitation five years after the auditing process.Alessandro Pasut

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