Germany is studying to delay tax reductions due to its National Debt
10 Jan
The German Finance minister, Wolfgang Schäuble, is studying the possibility of postpone to 2011 the fiscal reform accorded by the government, that regards a reduction of taxes by value of €24000 million yearly.
According the newspaper ‘Der Spiegel’, the department estimates that, given the level of German National Debt, the beginning of tax reductions should be postponed by a year or two.
In his coalition agreement, christian-democraths (CDU), liberals)FDP) and bavarian socialchristians (CSU) accorded in October a wide fiscal reformation aimed to reduce the tax charge by €24000 million yearly, beginning from 2011. Those plans have been considered impossible because of several economic reasons.
The last January 1st came into account the first law of fiscal reduction in the second legislature of Merkel, that with the title of Law for the Growth Acceleration and a volume of €8400 million, wants to boost the consumption of families and the growth of small companies.
Among other measures, the law regards increase deductions for families with sons from the current €6024 to €7008, independently from the income level of the contributors.
Furthermore, is planning to increase the subsides per soon by €24/month to 184, to 190 to the third, and until 215 for the fourth.
Also is considering improvements in the successions tax. Corporate inheritances to brothers and cousins, will receive a fiscal consideration similar as if they were sons.
The catering will receive the benefits of the reduced VAT and will only pay 7% instead of 19%
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