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Planned tax reform in Austria

The Austrian Federal Government has published information on the planned tax reform. A reform that has it all, at least at first sight. Here are some of the key points to relieving companies:

1. Reduction of corporate tax

Probably the biggest relief for the economy is to be made by lowering the corporation tax (KöSt). Similar to the tariff reduction for employees, the KöSt is also gradually reduced – from 2022 from the current 25 percent to 23 percent and from 2023 from the planned 23 percent to 21 percent.

2. Reduction of payroll tax

The lowest three levels of wage and income tax should be reduced from the current 25, 35 and 42 percent to 20, 30 and 40 percent. In particular, the reduction should benefit those with small and medium incomes.

3. Relief of low-value assets

A key measure involves raising the threshold for the deductibility of low value assets, such as office supplies or laptops. The amount of currently 400 € should be increased to 1000 € from year 2021.

4. Relief in the environmental field

These include, for example, the lowering of the standard consumption tax, a reduction in the motor-related insurance tax (linked to the CO2 emissions of new cars), the abolition of the electricity tax through incentives for the use of photovoltaics and the promotion of ecological energy sources.

Source: https://www.derbrutkasten.com/steuerreform- relief company /