Austria has a population of 8.22 million with its capital in Vienna. It has a federal republic political system. Common forms of business organization include sole proprietorships, partnerships (general and limited), GmbH and Co KGs, civil law partnerships, corporations (GmbH and AG), and foundations/trusts. Accounting requires annual financial statements. Large companies and some others require statutory audits. Corporate income tax is 25% and individual income tax ranges from 0-50%. VAT is 20% with some reduced rates. Other taxes include capital transfer, real estate, insurance, and social security taxes.