Government program
The austerity course remains with some innovations
Austria must make savings to prevent an EU deficit procedure. The Zuckerl coalition wants to abolish the climate bonus and the last third of cold progression. Banks and energy companies must pay.
The Zuckerl has adopted almost the entirety of the austerity package put together by the Blue-Black coalition and reported to Brussels. However, the ÖVP, SPÖ and NEOS have also made a few not insignificant changes.
The biggest chunk on the savings side is and remains the abolition of the climate bonus, which will cost around two billion euros. According to the government's program, at least commuters will be partially compensated by a deduction from 2026. Educational leave will also be abolished, but from 2026 there will be a more limited successor regulation.
Three major and new measures have been added. The bank levy will be increased to 500 million per year in 2025 and 2026, and 200 million in subsequent years. The current revenue is 150 million. The expired excess profits tax for domestic energy companies (200 million per year) will also be increased, and the distribution of the so-called "variable third" from cold progression will be suspended. This will generate an additional 300 million euros.
Top tax rate to be extended
The top tax rate of 55%, which also expires in 2025, will be extended for a further four years for incomes of one million euros or more. There will be tax increases for foundations, real estate transfer tax for large property transactions and for profits from reclassifications.
The VAT exemption for PV systems will be abolished and the motor-related insurance tax will also have to be paid for e-cars in future. Tobacco tax will be increased and extended to alternative products. In the area of gambling, the gambling levy and betting fee will be increased.
Passport and driving license will become more expensive
The federal fees, which have not been increased since 2011, will be subsequently valorized. Fees for administrative procedures such as issuing passports, driving licenses and vehicle registrations are set to rise by around 44 percent. Savings are also to be made on subsidies. A separate task force will be set up to evaluate the effectiveness of subsidies.
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