Calendar of Economic Events. First Quarter 2014

In response to the conflict between Ukraine and Russia, which has so far led to the Crimea being annexed by Russia, the USA and EU have introducted sanctions against individuals by way of refusing their entry and blocking their bank accounts and are threatening to increase the circle of those affected and to impose tight economic sanctions. The promised funding by the IMF to the tune of $ 14 to 18 billion for Ukraine is tied to conditions. Russia will no longer grant any discounts for natural gas deliveries. The EU countries agreeing on a uniform mechanism to wind up insolvent banks is another step towards completing the banking union. The Council cleared the way for adopting the European Directive on Taxation of Savings Income. Starting in 2015, interest payments received by non-nationals will be automatically reported to the internal revenue service at the non-national's fiscal domicile. – In Austria, tax increases and changes in tax concessions are being implemented in the 2014 Act Amending Taxes and Charges. After extended negotiations, the federal government decides to wind up insolvent Hypo Alpe-Adria-Bank International AG in a bad bank.