COVID-19: Austria To Bring Forward Individual Income Tax Cut
by Ulrika Lomas, Tax-News.com, Brussels
25 June 2020
Austrian Finance Minister Gernot Blumel said on June 16, 2020, that elements of an income tax cut package agreed by the governing coalition earlier this year will be brought forward as part of a post-COVID-19 economic stimulus package.
In January 2020, Blumel announced that the first three personal income tax brackets would be reduced in 2021 under the program for government agreed by the People's Party and the Green Party. In his latest announcement, the Finance Minister said that the reduction in the lowest income tax bracket from 25 to 20 percent will be brought forward.
Other proposed tax measures announced by Blumel include improvements to the depreciation regime, allowing companies to depreciate 30 percent of capital investments in the first year. This change is set to be introduced from September 2020.
Blumel also mentioned that taxpayers will be able to carry back losses to offset against income in previous tax years, without going into detail on this proposal.
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