The Minister of Finance recorded a significant increase in tax revenue for the first quarter of 2022. According to calculations by the think tank Agenda Austria, tax revenue increased by 17.6 percent to 24.2 billion euros compared to the first quarter of 2021. Despite the war in Ukraine and the associated negative effects on economic growth, Agenda Austria is expecting record revenues for the year as a whole.
Sales tax revenue grew particularly strongly – from 7.1 to 8.7 billion euros. This also has something to do with the fact that companies had closed for longer in the previous year, but growth is exorbitant compared to previous years. Wage tax receipts also increased, not least because of the good employment situation, from EUR 6.9 billion to EUR 7.4 billion, while corporate income tax increased by more than 60 percent to EUR 2.4 billion. Agenda Austria calls for the abolition of cold progression.
Source: Nachrichten
