The Austrian federal government has presented the cornerstones of its eco-social tax reforms, which are due to come into force in stages from 1 January 2022. A packet of measures to strengthen Austria as a business location has finally been passed after protracted negotiations. These tax reforms are intended to bring about concrete relief for the economy and employees while also greening the tax system. A total cash volume of approx. EUR 18 billion is thus set to be released over the next 4 years. The tax and contribution ratio is set to be lowered towards 40% by the reform, thereby strengthening the Austrian economy, while the simultaneous introduction of a CO2 levy will reduce emissions over the long term.
Three points are here of central importance for the economy: strengthening the country as a business location, providing relief for companies and promoting green initiatives. This tax overhaul is intended to bring the relief that Austrian companies and their employees urgently need for sustainable recovery and to protect the environment. Commercial investment activity will be boosted with the introduction of an investment tax credit.
ReFocus Austria – opening doors for Austria’s economy around the world.
The ReFocus Austria initiative is a central plank in the Austrian federal government’s comeback plan for economic recovery after the coronavirus crisis. It is a joint initiative run by Austria’s Federal Ministry for European and International Affairs, Federal Ministry for Digital and Economic Affairs, the Austrian Economic Chamber, the National Tourist Office and representatives of other federal ministries. It showcases Austria to the world as a strong, stable and innovative business location in the heart of Europe. By June 2022, more than 100 representative authorities are set to organise bespoke events with e.g. ADVANTAGE AUSTRIA to promote Austrian business locations to the rest of the world.