On 23 July 2015, the Austrian Federal Assembly approved the Tax Reform Act 2015/16. This completes the parliamentary process as the National Assembly approved the legislation on 7 July 2015.

The measures include:

• A reduction in the lowest individual income tax rate from 36.5% to 25%, and the introduction of 3 new brackets including an increased rate of 55% on income exceeding EUR 1 million as…