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Vienna, Innsbruck – The tax reform will take effect from tomorrow Tuesday, according to the Ministry of Finance. The reduction will be effective and noticeable retroactively as of January 1, 2020, and there will be a corresponding refund in September for wages that have already been taxed.
“We want people to keep more money in the Börserl and therefore also establish impulses for consumption. Right now we need more optimism and confidence again and with our measures we are making a contribution, ”Finance Minister Gernot Blümel (ÖVP) said of the aid measures. Citizens would be relieved, the tax rate would decrease with the measures “more towards 40 percent”. According to Blümel, the economic stimulus package has three priorities:
The first point is the reduction of the income tax and wages: the components of income from 11,000 to 18,000 euros have so far been taxed at a tax rate of 25 percent. This initial tax rate will be reduced to 20 percent. This leads to taxpayers’ payroll and income tax relief of up to € 1.6 billion annually. The reduced tax rate of 20 percent applies retrospectively from January 1, 2020.
The second point is the payment of a bonus per child: in September 2020, an additional bonus of 360 euros will be paid for each child for whom the family allowance is received.
The third point is the increase in the return of social security: to relieve employees who do not receive any taxable income (up to 11,000 euros), the surcharge on the transport deduction is increased from a maximum of 300 euros to a maximum of 400 euros. At the same time, the maximum SV bonus as part of the SV redemption will also be increased from € 300 to € 400. This applies to the 2020 calendar year assessment.
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The Ministry of Finance gave some examples of how the fiscal measures should affect the purse: An unemployed person (employed until June with 2350 euros and since September with 2200 euros) receives 800 euros more annually (450 through the unemployment bonus and 350 euros through the rate), an unemployed person with the same occupation and with a child 1160 euros more thanks to the bonus per child of 360 euros. An employee with an income of 2000 euros and a child would benefit from a total of 710 euros, an employee with two children with 1070 euros.
According to the ministry, the amount of individual savings can be calculated online at www.bmf.gv.at/rechner. This is possible thanks to the expansion of the gross-net calculator. (TT)
