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Austria Announces Planned Individual Income Tax Cuts — Orbitax Tax News & Alerts

Austria's Ministry of Finance has issued a release on tax cut plans. This includes the following changes in the individual income tax rates:

  • a reduction in the 25% bracket rate to 20% in 2021; and
  • a reduction in the 35% and 42% bracket rates to 30% and 40%, respectively, in 2022.

No changes are currently planned for the other top bracket rates. Earlier plans to reduce the corporate tax rate from 25% to 21% are reportedly being put off until the 2024 legislative period.