Austria MOF Clarifies Adjustment of Input Tax for Different Financial Year

The Austrian Federal Ministry of Finance Jan. 11 posted online Federal Finance Court Decision No. GZ. RV/7104189/2019, clarifying the adjustment of input tax for different financial years. The taxpayer acquired the property in 2002, which was rented out subject to VAT, and carried out major repairs in 2004, 2005, and 2007. The taxpayer sold the property VAT-free with the transfer of beneficial ownership under the purchase agreement in December 2013, and made an input tax adjustment from 2005 to 2007. The Tax Office changed the adjustment to 2004 to 2007 and assessed the taxpayer for VAT for financial year from ...