The Austrian government has recently announced details of its planned tax reform. Changes to be proposed in draft legislation in the near future include:
- A reduction in the lowest individual income tax rate from 36.5% to 25%, and the introduction of 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%
- over EUR 31,000 up to 60,000 - 42%
- over EUR 60,000 up to 90,…