Austria's Ministry of Finance has issued a release on tax cut plans. This includes the following changes in the individual income tax rates:
- a reduction in the 25% bracket rate to 20% in 2021; and
- a reduction in the 35% and 42% bracket rates to 30% and 40%, respectively, in 2022.
No changes are currently planned for the other top bracket rates. Earlier plans to reduce the corporate tax rate from 25% to 21% are reportedly being put off until the 2024 legislative period.