Ministry of Finance (Austria)

The Ministry of Finance (German: Bundesministerium für Finanzen) is the government ministry of Austria responsible for the collection of taxes and customs as well as the administration of fiscal and economic policy. It oversees the Revenue Service, the Revenue Service for Large Businesses, the Financial Police, and various other agencies.

Federal Ministry of Finance
Bundesministerium für Finanzen
Federal Ministry overview
Formed1920 (1920)
Preceding Federal Ministry
  • Imperial and Royal Ministry of Finance
JurisdictionGovernment of Austria
StatusHighest federal authority
HeadquartersHimmelpfortgasse 8
Innere Stadt, Vienna, Austria
Annual budget€1,13 billion (2015)
Minister responsible
Federal Ministry executives
  • Vacant, State secretary
  • Thomas Schmid, General secretary
Websitewww.bmf.gv.at

It is headquartered in the Winter Palace of Prince Eugene, Vienna. The current Minister is Magnus Brunner.

Structure and function

The Ministry is responsible for revenue administration at the federal level, including the government budget, matters of finance concerning the European Union, taxes, duties and tariffs. It defines and conducts the country's budgetary policy concerning currency, credit, savings banks (Sparkassen) and exchange matters, capital movements and settlement, insurance control and hallmarks. It is also concerned with economic policy, if not discharged by the Ministry of Economy.

The Finance Minister and the General Secretary chair six departments (Sektionen):

History
Winter Palace of Prince Eugene in Vienna, seat of the Ministry

A first Hofkammer (court chamber) stewardship for the Austrian lands was established in Vienna by Archduke Ferdinand I, in order to balance the deficient Habsburg budget. Re-established by Maria Theresa in 1760, the chamber became the k.k. Finance Ministry of the Austrian Empire upon the Revolutions of 1848 and took its seat at the former city palace of Prince Eugene.

After the Austro-Hungarian Compromise of 1867, the Austrian Finance Minister was only responsible for the Cisleithanian crown lands, while for the common financial policy of the real union, a separate Austro-Hungarian k.u.k. Finance Ministry was established. After World War I, the First Austrian Republic implemented a Staatsamt für Finanzen, which was renamed upon the adoption of the Austrian Constitution (B-VG) in 1920.

List of ministers
Main article: List of ministers of finance (Austria)

See also
  • Thomas Wieser – former Director General for Economic Policy and Financial Markets
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