Quick Summary. Austria is a member country of the European Union (EU). Its economy is primarily driven by the services industry, which accounts for approximately 75% of its labor force. Austria is comprised of nine states and its capital, Vienna, and is bordered by Italy, Switzerland, Germany, Czechia, Slovakia, Hungary, and Slovenia.
Under the Tax Amendment Act 2020, Austria implemented the Digital Tax Act (‘Digitalsteuergesetz’). In addition, pursuant to the Reform Act 2020 (‘Steuerreformgesetz 2020’), Austria implemented changes to its Value-added tax (VAT), an exit tax, controlled foreign company (CFC) provisions, and affiliate-deduction rules.
The European Union (EU) Tax Dispute Resolution Act (‘EU-Besteuerungsstreitbeilegungsgesetz’ or EU-BStbG) became effective in September of 2019.