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Austria

2 May 2019

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Austria Announces Tax Reform Plans Including Corporate Tax Rate Cut

Austria's Ministry of Finance has announced its "Relief Austria" tax reform plans, which includes tax relief for companies to promote growth and investment. One of the core measures of the plan is a reduction in the corporate tax rate from 25% to 23% in 2022 and to 21% in 2023. Other planned measures include:

  • An increase in the basic tax-free allowance for individual entrepreneurs and partnerships from EUR 30,000 to EUR 100,000 in 2022;
  • An increase in the limit for the immediate deduction of low-value assets from EUR 400 to EUR 800 in 2020 and to EUR 1,000 in 2021;
  • The introduction of a bonus for employee profit sharing for up to 10% of profits, capped at EUR 3,000 per employee;
  • An increase in the small business VAT exemption from EUR 30,000 to EUR 35,000;
  • The introduction of a simple flat-rate income tax option for small businesses; and
  • The extension of the research premium, especially for sole traders and partnerships.

In addition to the relief for businesses, the Ministry is also planning tax relief for individuals, including a reduction in social security contribution rates and a first-stage reduction in the 25% individual income tax band to 20%, and a second-stage reduction in the 35% and 42% individual income tax bands to 30% and 40%. Measures are also being planned for the environmental sector from as early as 2020, including a shift in tax on vehicles to those with higher CO2 emissions, as well as an electricity tax exemption for photovoltaic systems and the introduction of tax advantages for biogas, hydrogen, and LNG.

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