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 -…