Where am I considered as tax resident? The question of tax residency is the decisive factor of taxation. It determines both national and international taxing rights and thus defines in which country an individual must pay tax on their worldwide income.
IFRS Alerts covering the latest changes published by the International Accounting Standards Board (IASB).
Entities should begin preparing for IFRS 18 ‘Presentation and Disclosure in Financial Statements’ sooner rather than later. Changes from IAS 1 ‘Presentation of Financial Statements’ could have a significant impact on the financial statements.
The social partners have agreed on a further extension of short-time work. As of 1 April 2021, short-time work phase IV can be applied for currently for another 3 months until 30 June 2021. A gradual phase-out of Corona short-time work is planned from July 2021.
Annual financial statements will always be a critical communication to investors and other stakeholders. But how effective will they be in explaining to your stakeholders how the global COVID-19 pandemic has affected your organisation?
The 2021 edition of the publication has been updated for changes to International Financial Reporting Standards (IFRS) that were published between 1 January 2020 and 31 December 2020.
This article provides a high-level overview of IFRS 3 and explains the key steps in accounting for business combinations in accordance with this Standard.
The Austrian Federal Ministry of Finance has updated the income tax guidelines regarding the taxation of foreign employers without a permanent establishment, which changes last year’s amendment and aligns it to the legal situation before January 2020. A permanent establishment for payroll purposes is defined as any fixed local facility or establishment maintained by the employer in the country for a period of more than one month, if it serves to carry out the activity performed by the employee.
There are several accounting considerations the COVID-19 pandemic has triggered in relation to IFRS 9. In our view one of the most significant is in relation to hedge accounting and highly probable cash flows.
The Austrian Federal Ministry of Finance has updated the income tax guidelines regarding the taxation of foreign employers without a permanent establishment, which changes last year’s amendment and aligns it to the legal situation before January 2020. A permanent establishment for payroll purposes is defined as any fixed local facility or establishment maintained by the employer in the country for a period of more than one month, if it serves to carry out the activity performed by the employee.
The retail sector is the largest industry in Austria - more than 400,000 employees and around 15,000 apprentices are employed in this sector, for which the corresponding collective trade agreement. The "OLD" salary system, which has been in place for 45 years, must now be replaced by the "NEW" salary system by every company by December 31, 2021 at the latest. In the following article we would like to summarize the most important key points of the changeover.
In order to cushion the economic impact of the Corona pandemic, reorganization under insolvency proceedings will be facilitated. In any case, the affected companies will have longer in 2021 to implement their reorganization plans.
We would like to thank all our business partners and employees for their trust and successful cooperation in this extraordinary year 2020. We wish you and your family a Merry Christmas, relaxing holidays and a Happy New Year!
We are pleased to inform you that Grant Thornton Austria is moving to our new office location at Vienna Hauptbahnhof. Despite the majority of our people working remotely due to the current restrictions and regulations, we look forward to serving you from our new location going forward.
Over the course of the past decade, the importance of sustainability has increased significantly all over the world – not only in terms of how individuals live their lives, but also how governments frame policy as well as how businesses develop operating models and plan for the future.
In order to provide further support to those entrepreneurs and business owners who are particularly affected by the renewed lockdown in November, the government has announced adjustments to phase III of the short-time work program.
COVID-19 continues to challenge the business landscape like no other event before it and many in the mid-market are now fully-focused on building greater resilience into their operations. However, true resilience goes beyond short-term survival – it means achieving a velocity that returns your business to a growth trajectory.
Technology played a critical role in mitigating the impact of the virus. Whether helping employees to perform their jobs or providing a platform for fulfiling products and services, technology enabled new ways of doing business.
The mid-market already had a reputation for agility but the COVID crisis has forced leaders to take an even closer look at how their operations can be more responsive. As they prepare for the future, businesses are taking stock of their existing operations and questioning whether they are fit for purpose.