Law No. 183 of the Federal Finance Act was published in the Austrian Official Gazette. It is made of provisions related to the current conflict between Russia and Ukraine and the rapid coronavirus pandemic.
The provisions addressed are the following:
- Structuring DTAs under the most recent international standards
- Concentrating on international cases in tax audits to combat domestic and international VAT fraud
- Utilizing the Tax and Customs Administration, interdepartmental and international cooperation, and legislation put forth by the Ministry of Finance to combat tax fraud and other tax fraud
- Addressing bracket creep for individual income tax regulations to be updated to keep up with inflation
- Reducing the starting tax rate as means of encouraging more employment and eliminating the negative employment incentives built into the tax system
- Creating favorable employment incentives for people who are unemployed, under-employed, or part-time workers
- Implementing favorable tax incentives for income above the tax allowance
- Achieving gender equality by using tax starting points to reduce the effects of the coronavirus pandemic on women
- Increasing the child tax credit’s value annually and
- Implementing eco-social tax reform to address emissions.
The law entered into force January 1, 2023 and it will be valid until 31 December 2023.
Disclaimer: Reproduced/Adapted with permission from Global VAT Compliance.