Exciting and up to date: On November 24, 2021 the students of the Bachelor’s program in Finance, Accounting and Taxation learned all news in the field of tax industry, on the subject of input tax deduction from experts at first hand.
As part of the course „Value Added Tax and Transfer Taxes“ of the Bachelor’s program Finance, Accounting & Taxation in the 3rd semester, an exciting guest lecture on the subject of input tax deduction according to §12 of the Austrian Value Added Tax Act took place on November 24, 2021.
In practice, input tax deduction is of particular importance for every entrepreneur operating in Austria. The increase of the small business limit from 30,000 to 35,000 Euros made this topic even more attractive for the self-employed and consequently it’s of great importance for the training of students at FHWien der WKW.
With regard to sustainability, particularly exciting and new is the development in the field of electric vehicles. While motor vehicles with fossil fuels are not considered to have been purchased for the company and are therefore excluded from the input tax deduction, input tax can be reclaimed for electric cars. This creates an additional incentive for environmentally friendly technologies.
The guest lecture was a perfect opportunity for the students to learn relevant to practice topics and questions from an expert at first hand. Mag. Christoph Schmidl led through the red-hot topic in the field of input tax. Being partner at Grant Thornton Austria, Mr. Schmidl gave insight in his 15 years experience in tax advisory. He focuses on comprehensive tax and business advice, specializing in sales tax and international issues. He is also a lecturer in the field of tax law and accounting and author of text books in the subject areas.
You can find out more about the Bachelor’s program in Finance, Accounting & Taxation here.