The Austrian Chancellor has clarified that his number one priority is to reform the country’s tax system, as soon as there is scope to do so. The Chancellor highlighted that he will push for the fiscal reform to be financed by wealth taxes.
The Chancellor has assured, as a first step, to reduce the entry rate of income tax in Austria, and in so doing lower the tax burden on the country’s low- and middle-income earners. Conceding that he had hoped to implement the tax reform in 2015, the Austrian Chancellor emphasized that the economic situation has since deteriorated and is currently worse than initially forecast.
The Government will then be in a position to discuss whether or not there is leeway to introduce additional tax relief for families. Furthermore, the negotiations would also focus on plans to introduce the so-called “millionaire’s tax”.
Highlighting the fact that plans for the 2014 Budget are well underway, the Chancellor insisted that this would simply not have been possible, if the coalition Government had not reached an agreement on key revenue- and expenditure-based measures.
