Investment in Austria.KPMG.2012

services has already been effected. Apart from prepayments, it is not necessary that the invoice has already been paid.  VAT returns  Submission dates for VAT returns: Generally returns must be completed on a monthly basis. If total sales of the previous year did not exceed EUR 100.00, the taxable person can complete the returns on a quarterly instead of a monthly basis.

Additionally, an annual return is obligatory. Monthly/quarterly as well as the annual VAT returns have to be submitted by electronic transfer.  A resident business can ask for filing of an annual return for the period that corresponds to its fiscal year, which may differ from the calendar year (example: April 1st – March 31.). Tax authorities have to allow such a reporting period provided the entrepreneur provides material economic reasons.  Due dates for returns and payments: The returns have to be filed with the tax authorities by the 15th (respectively the next working day) of the second consecutive month of the month/quarter/year the return has been prepared for (e.g. the return for March has to be filed by May 15). For the annual return, special rules are applicable, if the taxable person is represented by a tax adviser. The same due dates are valid for the VAT payments. Late payment causes surcharges (2 - 4%); the Austrian tax authorities may also impose penalties (up to 10 %) if filing of returns is late.  VAT liabilities and input VAT claims are not subject to further interest.  In case that a monthly or an annual VAT return shows a credit in favor of the tax payer, the amount is paid back on demand unless the credit is matched with other tax liabilities of the tax payer.

5.3.2 Taxpayer and registration 5.3.2.1 Taxable persons VAT covers any entrepreneur (sole traders, partnerships, companies etc.) who independently supply goods or services within the domestic territory of Austria for consideration within the scope of his enterprise regardless of nationality or residence.

Holding companies are not regarded to be a taxable person unless they provide services against remuneration to their subsidiaries or third parties. Dividends paid to the holding are not regarded as remuneration.