70 Billion Euros Are Locked In A Golden Cage

Foundations: As part of the tax reform, the government should also accommodate the super-rich.

Significant relief for the private foundations of domestic millionaires and billionaires are not in the government program, but should come in the course of the tax reform in 2020. At least, the internationally active US financial news service Bloomberg said in a recent article.

It describes how in Austria “70 billion euros are stuck in a golden cage” and the government is planning measures on how to withdraw this capital more cheaply – i.e tax-conserving – and reinvest it in the economy. With the “golden cage” the foundations are meant, their handle should be made more flexible.

At the time of the liquidation of the foundation and the withdrawal of capital, a retrospective tax of 27.5 percent is due. Overall, it is about more rights for the donors, easing the separation of sub-foundations and exemptions. The debate on the strengthening of beneficiary rights is debated, according to an earlier report by Trend.

According to the information, the Federal Government is likely to present corresponding plans for attracting private foundations from the world of economic promises at the beginning of next year.

The foundation’s heavyweights range from the families Porsche-Piech to Leitner (Andritz), from René Benko to Gaston Glock to Hans-Peter Haselsteiner and others.

The Finance Ministry did not want to comment on the Bloomberg report on Sunday. Specifically responsible in the government of the Liberal Secretary of State and tax consultant Hubert Fuchs.

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