Finance Minister Magnus Brunner’s considerations of abolishing the share tax after a retention period has met with approval from the banks. Oberbank General Director Franz Gasselsberger says he was surprised that Brunner put this back on the agenda shortly after the eco-social tax reform came into force, but welcomes it. Brunner should not be unsettled by the reflexes of opponents who “compare apples and oranges in their arguments,” says the banker in an interview with OÖ Nachrichten.
It is important to make the capital market accessible to everyone. He couldn’t understand the argument that abolishing the stock tax would benefit the rich. “From 50 euros a month you can participate and invest in stocks. But if you take on a certain amount of risk, you shouldn’t be punished afterwards.”
Gasselsberger proposes setting a retention period of three years. That would mean that you have to own a security for at least three years in order to be able to sell it again without taxing the price gain. “It’s a tax incentive. And experience shows that Austrians react positively to such incentives,” says the Oberbank boss. In addition, three years is an investment horizon that refutes the argument that the floodgates would be open again to wild speculators.
money for transformation
The transformation of the economy in terms of climate protection and digitization requires private capital, which is currently in savings and current accounts. Long-term investment in shares would also promise significantly higher returns, says Gasselsberger. This in turn is a step towards reducing the pension gap. “If the government communicates that you should also make private provision for retirement and explains the procedure well, investors and listed companies would benefit equally,” says Gasselsberger.
This also applies to the Oberbank. The employees have invested EUR 140 million in shares at the bank, making them the fourth largest shareholder in the Upper Austrian bank.
Source: Nachrichten
