In November 2022, Hypo Vorarlberg, a bank majority owned by the state of Vorarlberg, voluntarily disclosed errors in its tax reporting to the authorities. This move came after the bank was informed that it would face a tax audit. The bank’s internal investigations had been ongoing since spring 2022 and attributed the errors to misuse of an Excel spreadsheet by employees for tax refunds.
The issues with tax payments spanned from 2006 to 2019 and included discrepancies in business meal expenses and misapplication of a double taxation agreement. Despite these errors, the bank has cooperated fully with the authorities and paid around 2.5 million euros in back taxes.
In other news, Hypo Vorarlberg announced that Wilfried Amann will be leaving his position on the management board by June 30th for personal reasons. The vacancy will be advertised soon as part of an agreed option in his five-year contract. Amann’s early exit aligns with his life plan and has been known to the Supervisory Board for some time now.
