The National Council of Austria has adopted with minor changes the Government’s Tax Amendment Act, providing for a number of tax increases. The Tax Amendment Act increases the standard consumption tax, the motor vehicle tax, and the tobacco tax. The legislative tax package also reintroduces a tax on sparkling wine. The measures are designed to generate additional revenues for the budget of about EUR770m (USD1.06bn) in 2014, before providing EUR1.2bn annually from 2015.

Austriaā€™s Tax Amendment Act includes provisions to limit the group tax regime, indefinitely extend the solidarity tax on top earners’ income, and limit the tax break for so-called “golden handshakes.” The legislation also modifies the country’s bank tax, and amends the gambling law. Austria will also continue to push for the introduction of a financial transactions tax (FTT) at European level. , The aim is for an EU FTT that is all encompassing and not merely a stock market sales tax.