Austria published The Tax Amendment Act in the Official Gazette on 30 December 2016. The most important changes of the Act, which was adopted by the lower house on 15 December 2016 and the upper house on 21 December 2016, are summarized below:
Individual income tax:
Fringe benefits- A decree will be published determining the fringe benefit derived by a director-substantial shareholder from the private use of a company car.
Net wage- To combat tax avoidance, a net wage is deemed to be paid if an employer has registered an employee for wage tax purposes, but did not (fully) withhold the wage tax.
Annual wage tax overview- From 2018, the annual wage tax overview will list the taxable social security base.
Child allowance- Taxpayers entitled to claim the alimony allowance and the allowance for single parents are also entitled to the child allowance.
Transfer pricing documentation Act:
The Act provides for the necessary amendments to the transfer pricing documentation to implement the country-by-country-reporting.