Austria has a strong and stable economy, with a GDP of $451.3 billion in 2019. This makes it the world's 32nd largest economy. The country has a high standard of living, with a GDP per capita of $48,845 in 2019. Austria has a low unemployment rate of 4.9%, and its inflation rate is 1.7%. The country has a strong export sector, with exports accounting for over 70% of its GDP. Austria is a major exporter of machinery, vehicles, chemicals, and food products. It also has a strong tourism industry, with over 12 million visitors in 2019. Austria has a strong banking sector, with the Austrian National Bank being the largest bank in the country. The country also has a well-developed infrastructure, with good roads, railways, and airports. Overall, Austria has a strong and stable economy, with a high standard of living and a strong export sector.
In Austria, companies and individuals are subject to income tax and value-added tax (VAT).
- The corporate income tax rate is 25%.
- Companies are required to file their tax returns annually.
- The tax year is usually the same as the calendar year, although it can be different if a company applies for a different fiscal year.
- Companies are required to make advance tax payments throughout the year, based on their expected profits.
- The personal income tax rate in Austria is progressive and ranges from 0% to 55%.
- Residents are subject to tax on their worldwide income, while non-residents are taxed only on their income earned in Austria.
- Tax returns are due by June 30 of the year following the tax year.
- Advance tax payments may be required for individuals who earn income from sources other than employment.
Value-Added Tax (VAT):
- The standard VAT rate is 20%, with reduced rates of 10% and 13% for certain goods and services.
- Businesses are required to register for VAT if their annual turnover exceeds a certain threshold.
- VAT returns are usually filed monthly or quarterly.
It's important to note that tax laws and regulations can change frequently, so it's advisable to seek professional advice from a tax expert or accountant to ensure compliance and accuracy in tax reporting and payments.
Company incorporation application form
Chosen company name
Main business activity
Legal address of director
Your inquiry has been submitted. Thank You!
We will contact you shortly…