off-the-wire

Relief measures eat into German tax revenues - finance ministry

Kitco Media
By Reuters
Published:
Updated:
Reuters
BERLIN, April 21 (Reuters) - Tax revenues in Germany fell by 1.5% in March compared with the previous year due to relief measures introduced by the government, the finance ministry said on Friday. The country's federal and state governments saw tax revenue drop to 81.2 billion euros ($89.17 billion) that month, according to the ministry's monthly report. As a result of changes in tax rates to compensate for high inflation, tax revenues are expected to drop by more than 12 billion euros this year, according to finance ministry estimates.


In the first quarter of 2023, tax revenues fell by 1.7% compared with the same period in 2022, coming in at close to 200 billion euros.


For 2023, experts forecast German tax revenues will increase to 857.2 billion euros, up 5.2% from the previous year, according to the report. An updated tax estimate for 2023 is expected in May.
($1 = 0.9107 euros) (Reporting by Maria Martinez, Editing by Rachel More)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.