Austria: New Tax Amendment Act 2024 Brings Significant Changes
The Austrian Official Gazette published Law No. 113, which pertains to the Tax Amendment Act 2024 and introduces amendments to various tax regulations.
The key measures included in the law are:
- Allowing specified grants used for establishing income-generating assets to be deducted as special expenses over the next nine assessment periods, along with grants in the respective year.
- Requiring that pre-tax profits be reported in qualified country-by-country (CbC) reports and that income tax expenses in qualified financial reports be offset by specified expenses.
- Setting forth requirements for entrepreneurs who operate companies in other EU member states.
- Providing procedures and criteria for the special regime for small businesses in member states.
- Defining the scope and conditions for input tax deductions.
Source: bka.gv.at
