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Austria: Bills introduced, offering tax relief and incentives (COVID-19)

Austria: Bills introduced, tax relief

The government introduced two tax bills that include measures intended to provide tax relief and incentives regarding the economic challenges presented by the coronavirus (COVID-19) pandemic.

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These tax relief and incentive measures were anticipated (read TaxNewsFlash). However, an updated draft released on 1 July 2020 reflects certain changes to the original tax relief or tax incentive proposals, including amendments relating to:

  • Investment premium grants
    • Confirmation that an investment premium grant would not be taxable income to the recipient
    • Initial steps for the investment premium would need to be taken between 1 August 2020 and 21 February 2021
  • Tax loss carrybacks
    • For taxpayers with a financial year 2020 not ending 31 December 2020 (if for instance when the tax year ended 31 March 2020), an (alternative) option would allow a taxpayer to carry back tax losses from 2021 to 2020 (or 2019)
  • Declining balance depreciation
    • The declining balance method would not need to be applied for GAAP purposes
    • The declining balance method would be available for cars with zero emissions

Read a July 2020 report prepared by the KPMG member firm in Austria

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