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Germany increases tax revenue estimates

Xinhua, May 11, 2017 Adjust font size:

Germany raised its tax revenue estimates for the next five years based on a strong and steady economy, the country's finance ministry said on Thursday.

After a twice-yearly meeting of tax experts, the German government now expects overall tax revenues for all levels of government to total 732.4 billion euros (796.1 billion U.S. dollars) this year, 7.9 billion euros higher than the previous estimate in November 2016.

The finance ministry cited good domestic demand, record employment, rising income, and stable finance policy as the main factors for the boost.

Finance minister Wolfgang Schaeuble said "the updated tax estimate proves that we are on the right path and we can look to the future with confidence."

Meanwhile, Schaeuble promised to cut taxes.

"The federal government has delivered on its fiscal promises. First, we balanced the federal budget; then we made additional funds for investments available," he said, "Now tax cuts can follow in the next legislative period."

But the tax cuts legislation will not be decided upon before the national election on Sept. 24. Endit