The Structural Adjustment Tax Act 2006 (Strukturanpassungsgesetz 2006) passed the first and second chamber of parliament on 23 May 2006 and on 9 June 2006, respectively. These amendments are effective for assessments as of 2007 and business years beginning after 31 December 2006. The relevant amendments in respect of the Income Tax Act (EStG) are as follows: -   As a result of the conversion of the Austrian Code of Commercial Law (HGB) to the Code of Enterprises (UGB), the income determination for entrepreneurs subject to the Code of Enterprises, Sec. 5 of the Income Tax Act (EStG) (determination principle),...