bmf.gv.at/entlastungsrechner is an important tool for determining personal relief
Vienna (OTS) – The updated tax relief calculator from the Ministry of Finance is now available and shows the personal tax relief for 2024. The online tool allows taxpayers to calculate their personal financial benefits from abolishing cold progression.
“The Austrian federal government has taken targeted measures to strengthen purchasing power and cushion inflation. One of the most important structural measures is the abolition of cold progression – the relief can easily be calculated yourself using the BMF relief calculator. I would like to encourage every taxpayer to use the relief calculator and calculate their personal tax savings for 2024,” said Finance Minister Magnus Brunner.
The individual relief can be determined in the calculator by entering your personal gross or net wage.
Abolishing cold progression brings citizens more money
The abolition of cold progression is the heart of the federal government’s relief measures and noticeably strengthens purchasing power. In the first year without cold progression, 2023, people saved more than 1.85 billion euros. Next year, taxpayers will save a further 3.65 billion euros. The relief calculator shows how the abolition of cold progression has a positive effect on the net wage of every single Austrian.
The abolition of cold progression benefits all taxpayers. Recipients of low and middle incomes particularly benefit from the fact that the lower tariff level limits are raised more than the upper limits and tax deductions (including transport tax deductions) are adjusted in full to inflation.
Link to the relief calculator: bmf.gv.at/entlastungsrechner
In the appendix: 3 relief examples
Questions & Contact:
Federal Ministry of Finance, Press Office
(+43 1) 514 33 501 031
bmf-presse@bmf.gv.at
http://www.bmf.gv.at
Johannesgasse 5, 1010 Vienna