Germany increases tax income forecast for 2016, 2017

Germany will receive higher tax income in 2016 and 2017 than previously expected, but there will be less tax income in 2018, 2019 and 2020, the German Finance Ministry announced on Friday.

Germany's federal, state and regional governments are likely to receive 695.5 billion euros (772 billion U.S. dollars) in 2016, around 4.3 billion euros more than the level estimated in May, according to the announcement.

The tax income in 2017 is forecast to rise by 0.7 billion euros, while the tax income in 2018, 2019 and 2020 will decline separately by 1.2 billion euros, 0.7 billion euros and 1.4 billion euros.

"The federal, state and regional governments are solidly financed and thus well prepared for the challenges ahead. Today's tax assessment essentially confirms the results of the last forecast of May," said German Finance Minister Wolfgang Schaeuble.

Schaeuble noted that it is more important to use the available resources wisely, focusing on internal and external security, education and investment.(1 euro = 1.11 U.S.dollars) Endit