New plans

Brunner draws these lessons from the Signa bankruptcy

Finance Minister Magnus Brunner (ÖVP) wants to learn lessons from the Signa bankruptcy.

(Bild: Jöchl Martin)

Finance Minister Magnus Brunner (ÖVP) wants to learn lessons from the Signa bankruptcy and establish a group database in the financial administration. In the case of "such spectacular cases", politics "cannot go back to business as usual", he said.

In the Ministry of Finance's "Finance Friday" podcast, Brunner spoke out in favor of adapting the company register and for higher penalties if a company does not submit annual financial statements. Transparency must be improved, he said.

"The insolvency of the Signa companies is undoubtedly one of the most spectacular insolvency cases in recent Austrian economic history. The causes of the insolvency must be clarified in the restructuring proceedings and possible shifts in assets must be investigated. At the same time, politicians must also learn lessons from the case," the Finance Minister is convinced.

For Brunner, the Signa bankruptcy is "one of the most spectacular insolvency cases in recent Austrian economic history."

(Bild: APA/AFP/Joe Klamar)

How transparency is to be created
The tax office for large companies would need access to well-prepared company data. According to the Ministry of Finance, linking data from different companies is currently only possible to a limited extent. A group database could facilitate audits and "also make connections within a group of companies visible." The changes are to be achieved before the end of this legislative period.

Since Signa Holding has its headquarters in Innsbruck, the amount of tax is said to be significantly lower than in Vienna. The NEOS have therefore announced that they want to shed light on the role of Tyrolean tax officials in dealing with Benko's Signa companies at the upcoming COFAG-U committee. "There are 500 Signa companies. I have great confidence in the employees of the tax authorities," said Brunner. A change of company headquarters is nothing unusual in itself.