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Austria

Austria, the core of the former Austro-Hungarian Empire, is using fully its historical ties to Central and Eastern Europe. Following the disintegration of the Eastern Bloc, Vienna has become the gateway to Russia, Eastern Europe and the new emerging countries.

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1. Introduction

a. History and background

Austria, the core of the former Austro-Hungarian Empire, is using fully its historical ties to Central and Eastern Europe. Following the disintegration of the Eastern Bloc, Vienna has become the gateway to Russia, Eastern Europe and the new emerging countries.

The currency is the euro (EUR).

b. Legal system

Austrian civil law is codified in the General Civil Code of1812 (ABGB). The Code is based on the philosophical ideas of the Age of Enlightenment. Its basic tenets are similar to those of Code Napoléon. TheCode regulates all civil law including succession. The Act on International Private Law 1978 (IPRG) deals with conflict of laws.

Corporate law is regulated in the Code of Enterprises,Acts on Limited Liability Companies, Stock Corporations, and Private Foundations.

Tax legislation is found in various tax acts such the Income Tax Act, Corporate Tax Act, Inheritance and Gift Tax Act, and Federal Revenue Code. Administrative ordinances issued by the Federal Ministry of Finance are highly relevant in the actual application of the tax laws.

c. Resources

Tax legislation and administrative ordinances: www.bmf.gv.at

Editorial board
Dr Friedrich Schwank TEP
Dr F Schwank Law Offices, Vienna, Austria

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