We would also like to update our English speaking clients on a quarterly basis about the most recent developements in tax matters and any related topics.
Expansion of tax benefits for employer-funded public transport tickets
Effective 1 July 2021 the “Jobticket” scheme has been expanded, with the introduction of the “Öffi-Ticket” (public transport pass) benefit. This means that from 1 July 2021 weekly, monthly and annual public transport passes are tax exempt, as is reimbursement of costs for employees.
Mandatory annual reporting to the Register of Beneficial Owners
The Austrian Register of Beneficial Owners was established to help prevent money laundering and financing of terrorism. It contains data on the beneficial owners of private partnerships and corporations, foundations and trusts. The data must be regularly verified, otherwise a company can incur fines.