2 May 2019
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:
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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