Austria's Ministry of Finance has announced a tax reform package focused mainly on tax relief. Some of the main measures include:
- Reductions in the 2nd and 3rd-level individual income tax bands from 35% to 30% and 42% to 40% in July 2022 and July 2023, respectively;
- A reduction in health insurance contributions from 2022;
- The introduction of a new employee profit sharing model that will allow a share in profits of up to EUR 3,000 per year to be exempt from tax; and
- A reduction in the corpor…