On 23 July 2015, the Austrian Federal Assembly approved the Tax Reform Act 2015/16. This completes the parliamentary process as the National Assembly approved the legislation on 7 July 2015.
The measures include:
- A reduction in the lowest individual income tax rate from 36.5% to 25%, and the introduction of 3 new brackets including an increased rate of 55% on income exceeding EUR 1 million as follows:
- up to EUR 11,000 - 0%
- over EUR 11,000 up to 18,000 - 25%
- over EUR 18,000 up to 31,000 - 35…