New Details on the Austrian Tax Reform Plan

German Version Key Findings Last week, the Austrian Finance Ministry released its tax reform package, amounting to an annual tax cut of €8.3 billion by 2022. The tax reform plan includes lower personal income tax rates and lower social security contributions, reducing Austria’s high tax burden on labor. For businesses, the package includes a cut in the corporate income tax rate from the current 25 percent to 23 percent in 2022, followed by 21 percent in 2023. Introduction Last week, the Austrian Finance Ministry released its tax reform package.[1] The plan has been developed to go into effect in stages over the next several years, with 2023 the final year. The new reform plan includes changes to personal income taxes, business taxes, excise taxes, and simplifications of the tax system. The total tax cut will amount to €8.3 billion per year by 2022 (including tax reforms already implemented by the current government, such as the Familienbonus…

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