October 1, 2004 |
By
Keith Martin in Washington, DC
Austria will cut its corporate income tax rate from 34% to 25% next January 1.
It will also allow companies to join together in filing a group tax return. The common parent company must own more than 50% of each of its subsidiaries that joins in the group return. Joint ventures can also be included in a group return provided the parent company has at least a 55% interest. In most but not all cases, the entire profit or loss of a company must be reported on the group return — not just a share corresponding to the ownership interest.
