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Austrian government agrees to reduce bank tax from 2017

Austria's coalition government agreed to reduce thecountry's annual bank tax starting 2017, Reuters reported July 12, citing ChancellorChristian Kern.

The overall annual amount will drop to €100 million fromaround €550 million currently.

In exchange for the levy's , Kern said Austria's bankswill have to make a combined one-off payment of €1 billion to the state to aidinvestment in education as well as research and development, the report added.