Austria

Austria

October 01, 2004

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.

Keith Martin