In July 2023, the OECD youth unemployment rate (workers aged 15-24) edged up to 10.5%, from 10.3% in June. It rose in 14 OECD countries, with the largest increases observed in Finland, Austria, Denmark, Israel, Mexico, and the United States. The unemployment rates for women and men, as well as for workers aged 25 and above were broadly stable.

In the European Union and the euro area, the unemployment rate remained at record lows of 5.9% and 6.4%, respectively. It was stable or increased in all euro area countries except Greece, Slovenia, Belgium, Ireland, and Spain. The unemployment rate remained well above its record low in Estonia, Greece, Luxembourg, and Spain.

Outside Europe, the unemployment rate rose slightly in Mexico, Australia, Japan, Korea, and Canada. By contrast, it declined in Türkiye, Israel, and the United States. More recent data show that the unemployment rate remained stable in Canada at 5.0% in August and picked up in the United States to 3.8% from 3.5% in July 2023.

Source: OECD
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The gradual economic improvement seen in recent months has hit a minor obstacle. “The UniCredit Bank Austria Business Indicator fell to minus 1.6 points in March, marking a low for the year to date. The economic outlook had been looking brighter since the start of the year, but progress is now being hampered by dark clouds gathering on the horizon in the domestic industrial sector and some service sectors”, says UniCredit Bank Austria Chief Economist Stefan Bruckbauer, adding: “The anticipated recovery of the domestic economy has not been sidelined altogether, but we believe it will now be delayed. We are likely to see the first shoots of spring in Q2, with the Austrian economy slowly returning to growth.”

Achieving an average of minus 1.3 points in Q1 2023, the UniCredit Bank Austria Business Indicator points to a slight decline in economic performance in Austria at the start of 2023. “Following a period of stagnation at the end of 2022, we expect GDP to decline slightly for the first three months of this year when compared to the previous quarter. Weak consumer demand as a result of high inflation has severely limited performance in many services sectors — retail in particular. The global economy has not been in a position to prop up performance either, leading to weaker export figures and weighing on the industrial sector. These conditions have had a noticeable impact on investment activity — particularly given the sizeable decline in new orders in the construction sector”, says Bruckbauer.

Deterioration in certain services sectors, particularly retail and hospitality and accommodation, dragging down economic mood
Worsening sentiment in the services sector was the biggest driver of the decline in the UniCredit Bank Austria Business Indicator in March. The business outlook dipped for the first time in four months, falling below the long-term average. Accommodation and hospitality services in particular, along with retail, are likely to see price increases dampen demand in the interim. Consumer sentiment has nonetheless continued its slight upwards trend despite high inflation and the real-terms loss of income for many sectors of the population, although the mood has remained strongly pessimistic since the outbreak of war in Ukraine.

The decline in sentiment in the domestic industrial sector also contributed to the drop in the UniCredit Bank Austria Business Indicator, despite the global export environment beginning to improve again. The negative impact from Germany was offset by the positive performance in Eastern Europe and other areas. Improvements with the supply chain problems and falling commodity prices have nonetheless driven only a slight improvement in the indicator that monitors the global mood in the industrial sector (and is weighted by the Austrian share of trade). Declines in demand in industries such as plastics, electricals, paper and mechanical engineering, on the other hand, had a negative impact on sentiment in the domestic industrial sector.

By contrast, the slump in sentiment eased off in the construction sector. While unfavourable trends in structural engineering continued, driven by the reduced affordability of residential properties due both to prices and to new lending arrangements and rising interest rates, the civil engineering sector was responsible for a slight improvement in economic momentum in the construction sector as a result of public projects.

Delayed does not mean lost 
The global economic outlook has improved in recent months, although the positive effects of the Chinese economy opening back up following another wave of the COVID-19 pandemic have so far been more limited than expected. Nevertheless, the export economy points to a noticeable revival of the domestic economy over the coming months. The export-oriented industrial sector will benefit from growth in demand from abroad, leading investment activity to gradually regain momentum over the course of the year.

Consumption will once again become a growth pillar as inflation gradually reduces. Stable development on the labour market and real-terms income growth from H2 onwards will trigger rising demand in the retail and hotel and restaurant sectors. “The expected recovery has been slow to materialise. Based on the revival of the export economy, however, the Austrian economy is set to gain greater momentum in the coming months. While investment activity will remain sluggish due to the changed financing conditions—particularly in the construction sector—the decline in inflation is expected to boost consumption”, says UniCredit Bank Austria Economist Walter Pudschedl, adding: “Following a weak start to the year and an initially hesitant recovery, we continue to expect only moderate economic growth of 0.7% for 2023 as a whole. For 2024, we expect a slight recovery at 1.2%.”

“Despite the current economic slowdown and the pace of recovery remaining only moderate, the domestic labour market will remain extremely robust. The average unemployment rate for 2023 is expected to increase slightly to 6.4% before declining to 6.3% or lower in 2024”, says Pudschedl.

Inflation beginning to decline
Inflation began to reduce in Austria as the year progressed. In March, the fall in energy prices and certain administrative measures such as the electricity price brake saw inflation fall to single digits for the first time in six months, at an estimated 9.1%. While the downwards trend in overall inflation is expected to continue, core inflation, i.e. inflation excluding energy and unprocessed foodstuffs, has not yet peaked. It is even expected to have exceeded total inflation in March.

“Rising wage costs will continue to generate upwards movement in services prices for some time to come and will delay the decline in overall inflation, due to the further weakening price pressure for goods”, says Pudschedl, adding: “We expect inflation to fall to 6.5% on average for 2023, but with a clear risk of it rising. This means that the inflation rate in Austria will be noticeably higher than the rate of 5.5% in the eurozone, due to strong second-round effects. We expect inflation of 3.0% in 2024, which remains higher than the anticipated figure of 2.4% for the eurozone.”

Rate hikes nearing an end 
In the face of continued increases in core inflation, the European Central Bank is sticking to its tight monetary policy course for the time being. However, recent turmoil on the markets is likely to accelerate the transfer of monetary policy, reducing the need for further rate hikes.

“We have reduced our expectations for both the deposit and refinancing rates by 25 basis points. We now anticipate a further three increases of 25 basis points each in May, June and July this year. This would take the deposit rate to a maximum of 3.75% and the refinancing rate to a maximum of 4.25%”, says Bruckbauer.

“The cycle of monetary tightening is nearing its end. However, the ECB will only react after a significant slowdown in core inflation. We do not expect interest rate cuts of 75 basis points in the eurozone until mid-2024”, concludes Bruckbauer.

Source: UniCredit Bank Austria
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The consumer price index increased 9.2 percent year on year in March, less than the previous month’s 10.9 percent increase. This was slightly higher than the 9.1 percent growth noted in the flash report.

According to estimates, EU harmonized inflation fell to 9.2 percent from 11.0 percent a month before.

“In March 2022, after the start of the war in Ukraine, fuel and heating oil had become massively more expensive – in comparison, fuel and heating oil prices have now fallen sharply,” said Tobias Thomas, director general at Statistics Austria.

Food prices increased relatively slowly in March 2023, but restaurant costs rose roughly in line with February.

The annual price increase in housing and utilities was 14.1 percent in March, down from 16.5 percent in February. Food and non-alcoholic beverage prices rose considerably, but at a slower rate of 14.5 percent.

The consumer price index rose 0.5 percent on a monthly basis, up from 0.4 percent previously. At the same time, the HICP’s monthly gain of 0.5 percent was verified.

Source: RTT News
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“In 2022, an average of 206 500 jobs in Austria were unfilled. The number of vacancies was thus not only 41.4 % above the previous year and 61.1 % above the pre-pandemic level of 2019, but also reached the highest value ever recorded. The job vacancy rate – thus, the share of vacancies in all available jobs – also rose to 4.8 %, further indicating shortages in labour supply. Most of the job offers were in the service sector last year. But the demand for personnel was also high in production,” says Statistics Austria Director General Tobias Thomas.

In the course of the year, the number of vacancies reached its annual high of 218 100 in the third quarter. 202 700 vacant positions were reported in the first quarter, 206 300 in the second and 198 800 in the fourth quarter. The job vacancy rate 2022, with its annual average of 4.8 % was by 1.2 percentage points higher than in the previous year 2021 and 1.7 percentage points above 2019. 63.6 % of all job offers were reported to the Public Employment Service (AMS).

Increase in job vacancies in all economic branches

All branches of the economy recorded by the Job Vacancy Survey reported more vacancies in 2022 than in the previous year. In the service sector there were 123 800 vacancies. This corresponds to an increase of 44.9 % compared to 2021 and of 62.5 % compared to 2019. 52 500 jobs were vacant in the manufacturing sector (+30.5 % in comparison to 2021 and +60.6 % in comparison to 2019) and 30 200 in the public sector (+47.9 % in comparison to 2021 and +56.4 % in comparison to 2019). Service and sales workers (21.8 %) as well as craft related trade workers (19.5 %) were sought after particularly frequent.

At 83.5 %, the majority of the vacancies were advertised as full-time positions.

36.4 % of all vacancies or 42.4 % of the vacant full-time positions had an expected gross monthly income of at least 2 400 euros. 37.6 % of the vacancies (full-time positions: 41.1 %) offered a salary of 1 700 to less than 2 400 euros and 15.1 % (full-time positions: 9.6 %) offered a salary of 1 000 to less than 1 700 euros. 9.8 % of all vacancies, or 5.9 % of full-time positions, paid less than 1 000 euros.

40.5 % of the vacancies requested a compulsory school leaving certificate or no minimum school qualification from applicants. 32.2 % were looking for employees with an apprenticeship certificate. 11.1 % of all vacancies required a matriculation examination and 10.3 % a higher education qualification.

Search duration increased markedly

The search duration also provides an indicator for tense situations on the job market. In 2019 and 2021, respectively, an average of 21.6 % and 20.6 % of all vacancies were advertised for less than one month. This was the case for only 11.9 % of the job offers in 2022 (see Table 2). 16.7 % of the vacancies had a search duration of at least six months (2019: 12.1 %; 2021: 12.9 %), and 27.9 % were permanent postings (2019:26.7 %; 2021: 21.6 %).

Source: statistics Austria
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• Equal treatment of citizens of both parties in terms of rights and obligations,
• Aggregation of periods of insurance completed in the territory of the other contracting party for the determination of entitlement to a benefit,
• In case of an illness, the insured person and his/her family members can avail themselves of the right to healthcare benefits while staying in the territory of the other contracting party,
• Family members can avail themselves of the family benefits (child benefits and increments) while residing in the territory of the other contracting party,
• Entitlement to a retirement pension for an insured person, who attains the required age after returning to the other contracting party,
• Continuing to receive the pension, acquired regarding the employments in one of the contracting parties, after transferring of the residence to the other contracting party,
• In case of death of the insured person, family members residing in the territory of the other contracting party can be entitled to a widow’s or orphan’s pension and a lump sum payment as the survivors of the deceased.

Accordingly, those who will avail themselves of the provisions of the agreement are considered equal in the legislations of the contracting parties to the citizens of that country in terms of rights and interests through a common and key provision of the agreements. Thus our citizens employed in the contracted countries and their dependents can benefit from their social security rights under the same conditions as the nationals of that country.

As a result of the social security agreements, our citizens in Turkey have the opportunity to avail themselves of their social security rights, arising from the legislation of the other country and acquired with respect to long and short term insurance branches. In addition to the insured person himself/herself, his/her family members living with him in the country of employment, the family members living in Turkey can benefit from this right.

Turkey has signed Social Security Agreements with 28 countries. These agreements are enumerated in the table below.

Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

The news came from Austria’s Finance Minister Hartwig Loeger.

Loeger also stated that the new regulation would take place as of 2020 for tech companies making 750 million euros in total with at least €25 million from Austria.

The increase in digital tax is aimed at providing equity in taxation.

The digital platforms will also face compulsory VAT.

Australian Government estimates to make 200 million euros with the new regulation.

Source: Reuters
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During the calculation of working hours, during when the person should be insured, the working hours in Turkey also should be taken into account.

2- WHAT IS THE MINIMUM AGE LIMIT IN ORDER TO HAVE A RIGHT TO PENSION IN AUSTRIA?
Minimum age limit in order to have a right to have pension in Austria is 60 for women, 65 for men.

Source: Social Security Institution – MOLSS

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However, the provisions on healthcare insurance in the agreements signed between Azerbaijan and Albania cannot be implemented due to the reasons stemming from their legislations.

Which persons can receive healthcare services abroad according to the social security agreements?
Unless otherwise provided in the agreement on social security, the following persons have the right to receive healthcare benefits on behalf of our Institution;

1. Insured persons (banks, insurance and reassurance companies, chambers of commerce, chambers of industry, stock markets and the workers employed in the unions constituted by them) under the scope of letter (a) of the first paragraph of Article 4 of the Law No. 5510 and of transitional Article 20 of the Law No. 506 and their dependent family members. Of the persons specified in this scope, the following can receive healthcare benefits while staying or residing in a foreign country:

• Insured persons temporarily posted to a foreign country,
• Persons who are permanently posted to a foreign country and their dependent family members,,
• Dependent family members of the insured and retired persons staying abroad for educational reasons,,
• Insured and retired persons staying abroad for touristic purposes and their dependent family members,,
• Dependent family members of the insured persons who are permanently residing abroad and retired persons and their dependent family members,,
• Members of universal health insurance who are sent to another country for treatment and their dependent family members.,

2. Apart from this; according to the legislation of our Institution, the following persons can avail themselves from the right to receive healthcare benefits provided by our Institution under the scope of universal health insurance on behalf of the contracted countries;

• For temporary stay; all the persons registered on the document (formulary) of right to healthcare benefits, only in cases of emergency,
• For permanent residence; persons specified in the social security agreements.

In this context, in order to receive healthcare benefits in our country, respective persons are required to be an insured member of universal health insurance or dependent of the insured in question.

Conditions for Receiving Healthcare Benefits for the Persons Having Foreign Insurance
Persons having foreign insurance, who either temporarily stay or permanently reside in our country, are required to get a formulary from the institution to which they are registered and submit it to the Departments of Foreign Services operating within the scope of Social Security Provincial Directorates/Social Security Centers in their place of stay or residence; or to the Social Security Centers designated by Social Security Provincial Directorates.

Through the Document of Healthcare Benefits under Social Security Agreement, they can avail themselves from right to healthcare benefits in contracted health facilities, like other insured members of universal health insurance, free of charge excluding the rates of contribution and share which have to be paid legally by the insured himself/herself.

In cases of emergency, the insured persons, coming from countries with whom a social security agreement including healthcare insurance applications has been concluded and who are temporarily staying in our country, can receive the formulary for the right to healthcare services from the “Department of Foreign Services” in their place of stay in Turkey by submitting the document issued by the social security institution in their country. Besides, these documents can be confirmed through Social Security Centers designated by Social Security Provincial Directorates.

Benefiting from Emergency Healthcare Services for the People Having Foreign Insurance
In order to receive healthcare services, foreign insured people are required to make an application to the contracted health facilities of the Ministry of Health or to the private or training health facilities with the “Document of Healthcare Benefits under Social Security Agreement.”
Only through the referral of our contracted units, services can be provided from the non-contracted health facilities. When a person applies directly to a non-contracted health facility, regardless of this regulation, his/her expenses of treatment can be covered by the Institution on condition that it is an emergency situation.

Whether the treatment is an emergency or not is determined through the inspection of the relevant submitted medical documents by the contracted health facilities.

In such a case, the insured person shall apply to the Social Security Provincial Directorate/Social Security Center together with the reports regarding his/her treatment and invoices if he/she has made the payment. If the treatment is accepted as an emergency, a reimbursement shall be made to the insured in accordance with the provisions set forth in Medical Enforcement Declaration (SUT).

Duration of Benefiting from Healthcare Services for Foreign Insured People who are Temporarily Staying in our Country and Determination of the Family Members to Receive Healthcare Benefits
People, who are temporarily staying in our country, have the right to healthcare benefits for the period specified in the documents that they brought with them. For temporary stay, people to receive healthcare benefits are determined according to the legislation of the country issuing the document.

In case healthcare benefit is needed after the expiration of the document;

• A new document for treatment period shall be requested from the contracted country by applying to the relevant unit of the Institution.
• Insured person shall directly contact with the insurance institution of the country to which he/she is subject and request a new document for treatment period. The healthcare services provided meanwhile have to be paid for.
• After the document for the extension of the period is received from the contracted country, a “Document of Healthcare Benefits under Social Security Agreement” shall be issued retrospectively and the expenses shall be reimbursed to the respective people pursuant to the provisions of Medical Enforcement Declaration (SUT).

Duration of Benefiting from Healthcare Services for Foreign Retired People who are Permanently Residing in our Country and Determination of the Family Members to Receive Healthcare Benefits
People, who are permanently residing in our country, have the right to receive healthcare benefits for the period specified in the documents issued by the institutions of the contracted countries until a notification regarding the termination of the right to healthcare benefits is received.

For the permanent residences, the people to receive healthcare benefits subject to the agreement.

In our agreements with Germany, Netherlands, Belgium, France, Czech Republic, T.R.N.C., Luxemburg and Croatia, family members are determined pursuant to the legislation of our Institution; while in our agreements with Macedonia, Romania, Azerbaijan, Bosnia-Herzegovina and Albania they are determined according to the legislation of the relevant country.

Documents of right to healthcare benefits in cases of permanent residence are sent to our Institution by the insurance institutions of contracted countries either for a long time or without specifying the date of termination of the right.

However, the rights of foreign insured people in order to receive healthcare benefits are sometimes terminated by the relevant sickness funds for various reasons.

For the purpose of checking whether foreign insured people’s rights to healthcare benefits are continuing or not, the mentioned documents are issued in every six months’ period and given to the relevant persons.

Where the Costs of Treatment can be reimbursed by Foreign Insured Persons who pay for Their Treatment without a Document of Right to Healthcare Benefits?
Foreign insured persons who pay for their treatment in our country without obtaining the document (formulary) for receiving healthcare benefits from the insurance institution to which he/she is registered shall keep their reports and invoices regarding the treatment. After returning to his/her country to which he/she is registered, he/she shall request a reimbursement by submitting the relevant reports and invoices indicating the healthcare expenses to the institution to which he/she is affiliated. In this case, if it is set forth in the agreement, the insurance institution receiving the application shall request information from our Institution on the specified cost of the treatment provided in our country by sending the relevant reports and invoices. Following the receipt of the notification on the specified cost of that treatment, institution shall reimburse the notified amount to relevant person.

Who can Receive Healthcare Benefits in Germany in Accordance with the Social Security Agreement between Germany and our Country?
Only our workers and retired workers were to avail themselves of the healthcare provisions of the Social Security Agreement signed with Germany.

By way of reaching a consensus with German liaison body, craftsmen and civil servants and people who are retired in this context and also their dependants are covered by the healthcare provisions of the Social Security Agreement between Turkey and Germany.

As a result of this regulation, all the insured and retired persons and their dependants going to Germany, have the opportunity to avail themselves of healthcare benefits.

Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

Austria’s defense ministry claimed that Eurofighter consortium misled decision-makers about the purchase price, deliverability and equipment of the plane to cover money that was illegally paid to politicians, civil servants and others.

Enders was head of the defense division, when the contract was signed.

Source: Euronews

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The provisions of Double Taxation Agreements (DTA) are applied to the residents of the contracting countries. Individuals or legal entities who want to benefit from the agreements may request a certificate of residence showing that they are full liable taxpayers from the competent authority of the country in which they are resident.

In this scope; certificate of residence is obtained by residents in Turkey (taxpayers with a full tax liability) who derive income from a party country to a Turkey’s applicable DTA in order to be taxed according to provisions of the related agreement.

– If you are a foreign individual who is a resident of Turkey;

You may get your certificate of residence by applying to The Presidency of Turkish Revenue Administration Department of European Union and Foreign Affairs with a petition, questionnaire for foreigners and your domicile certificate or a copy of your work permit certificate. (If you apply for the certificate to submit to the competent authority of Azerbaijan, in addition to the documents above, you have to submit the DTA forms (5 forms) which can be obtained from Ministry of Taxes of Republic of Azerbaijan or web site of the Ministry “www.taxes.gov.az” filled in except for the part F.

– If you are a legal entity,

You may get your certificate of residence by applying with a petition to

*Large Tax Payers Office Directorate  if  you are a taxpayer of this department,
*The Tax Office Directorate of Ankara, Antalya, Bursa, İstanbul, İzmir, Kocaeli, Trabzon if you are a taxpayer of these Directorates.
*The Presidency of Turkish Revenue Administration Revenue Administration Department of European Union and Foreign Affairs if you are not one of the above mentioned taxpayers or you apply for the certificate to submit to the competent authority of Austria, Switzerland and Saudi Arabia.

Your application will be evaluated by the competent authority and your certificate of residence will be sent to your address by post if approved.

Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.