VIENNA: Austrian federal government reveals the new Tax reforms package that includes the payroll tax cut worth of $5.3 billion.
Government aimed to stimulate the country’s economy in a relatively difficult time and no noticeable changes were made to the reform package which was first presented late last week.
Following the government meeting, Chancellor Werner Faymann said the package had been confirmed “as scheduled, on time.”
large portions of the reform financing will come from lifting banking secrecy laws during tax audits, expected to bring about 740 million dollars, and from the compulsory use of cash registers for cash-based businesses that make over 15,800 dollars a year, expected to bring 950 million dollars.
The Austrian Fiscal Advisory Council warned that while the payroll tax cuts will stimulate economic growth, Austria may be significantly hampered from reaching EU-set budget targets as a result.
