
As already discussed in the COVID-19 Tax Update of 20.03.2020 bsed on information of the Austrian Ministry of Finance, various tax deadlines were extended by the 2nd COVID-19 Act published in the Federal Law Gazette on 21 March 2020 and a stamp duty exemption for documents and official acts in connection with the corona support measures has been established.
On 22 March 2020, the Second COVID-19 Act, a sweeping emergency law that extends deadlines across-the-board in the government, came into force in Austria. The new COVID-19 legislation in Austria will have an impact on merger filings, deadlines and with the proceedings at the Cartel Court (Kartellgericht). Furthermore, the competition authority (Bundeswettbewerbsbehörde, BWB) announced essential changes with regard to its business proceedings.
Our expert for data protection Sonja Dürager has answered various questions about the data legal aspects in the COVID-19 situation.
Many construction companies have – as a consequence of legal measures to contain COVID‑19 – suspended construction site operations until further notice. As a practical rule, Austrian Standard ÖNORM B 2110 is regularly agreed for construction contracts.
In oder to enable the Member States the compensation of the economic impact of the corona crises, the European Commission has adopted a temporary framework which relaxes State aid rules. Our partner Christian F. Schneider gives an overview of the aid oppertunities resulting therefrom.
The current situation raises many questions in connection with the holding of shareholders’ meetings, in particular whether and under what circumstances meetings may be held.
With the 2nd COVID-19 Act passed on 20.03.2020, the National Council amended the rather unknown provision of Section 69 (2a) IO to include the phrase “epidemic, pandemic”. This means that even in the event of an epidemic or pandemic, as is currently the case, the period for filing for insolvency proceedings is now 120 days.
The impact and response to the COVID 19 pandemic is a challenge for members of corporate bodies. Key issues and actions are outlined below.
In the light of COVID 19 developments, various tax measures are intended to provide support in the event of liquidity bottlenecks. Furthermore, time limits are to be extended.
The economic effects of the COVID 19 pandemic caused depressed stock markets. The crisis and its general economic effects (such as the danger of recession) are clearly no inside information.
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