Draft bill for Annual Tax Act 2022 published

The first draft of the Annual Tax Act 2022, which provides for substantial changes to tax law in addition to technical changes, is now available.

In July, the Federal Ministry of Finance published the first draft of the Annual Tax Act 2022. The Annual Tax Act traditionally amends many detailed regulations in tax law because EU law and court rulings have resulted in the need for adjustments. Regulations on procedural and jurisdictional issues as well as corrections of errors are also part of every Annual Tax Act. However, the Act also contains a number of substantial changes, including bringing forward the full deduction of special expenses for retirement provisions in order to take account of last year's rulings on the double taxation of pensions. The law also includes an increase in the saver's allowance, the education allowance and the depreciation rate for residential buildings.