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Austria To Apply Personal Income Tax Cut In September

by Ulrika Lomas, Tax-News.com, Brussels

07 August 2020


The Austrian Government has confirmed that a personal income tax cut approved by the Cabinet last month will be introduced in September.

On June 30, the Cabinet approved a tax plan, which featured a cut to the lowest income tax rate from 25 to 20 percent. According to the Ministry of Finance's announcement, the change will be introduced on September 1, 2020, and apply retroactively from January 1, 2020. Taxpayers will therefore receive backdated refunds of tax paid since January in September.

The lowest rate of income tax currently applies to income from EUR11,000 (USD12,970) to EUR18,000.

The cabinet also approved on June 30 the extension until the end of 2025 of the temporary 55 percent rate of tax on incomes above EUR1m. Originally, this temporary tax hike was due to expire at the end of 2020.

TAGS: Finance | tax | business | corporation tax | tax rates | Austria | individual income tax

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