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Taxes Rising, Deficit Growing: Austria Faces EU Criminal Proceedings
Austria is threatened with EU deficit proceedings - at 4.7 percent of GDP, the budget deficit is well above the Maastricht limit. To counteract this, the federal government is taking the first noticeable steps - above all, tax increases on tobacco, betting, e-vehicles, and court fees. However, experts warn that the road to budget consolidation is rocky and politically explosive.
The budget deficit in Austria increased to 4.7% of GDP in the previous year, indicating a high need for future savings and higher taxes. / Picture: © Wikimedia Commons, Håkan Dahlström from Malmö, Sweden, CC BY 2.0
Since April 1, numerous measures taken by the federal government to balance the budget have been in force. The tax increases are particularly noticeable: Tobacco products are becoming significantly more expensive - by up to 50 cents per pack for some brands. Heated tobacco will also become more expensive. The government hopes that the adjustments will generate around 50 million euros in…
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