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| German Cabinet Agrees 'Future Package' |
by Ulrika Lomas, Tax-News.com, Brussels
Monday, September 06, 2010
The German cabinet has approved its highly controversial EUR80bn 'future
package' (Zukunftspaket), containing a raft of austerity measures designed
to consolidate the public finances thereby promoting sustainable growth, and
including significant cuts in social spending and rises in tax revenues.
Among key fiscal measures contained in the future package, provided for in
the supplementary budget law, is the introduction of a new airline tax levied
at EUR8, EUR25, or EUR45 per passenger, depending on the destination, due to
apply from 2011. The government also plans
to reduce existing eco tax breaks available to German industry, thereby generating
around EUR1bn a year.
Bowing to pressure from the country’s energy giants, the finance ministry
has, however, confirmed that a decision regarding the introduction of a nuclear
fuel tax will be postponed until the end of September. The proposed levy, expected
to generate an annual EUR2.3bn for the government, will not now form part of
the supplementary budget law as previously planned, but will be included as
part of the government’s energy concept. Negotiations with the energy
companies concerned are ongoing.
Defending the government’s plans, German Finance Minister Wolfgang Schäuble
warned that it would still be years before the country’s economy returns
to its pre-crisis level. The measures contained in the law are designed to enable
the government to adhere to the country’s debt brake rule from 2011 and
to reduce the country’s structural deficit from almost EUR50bn currently
to around EUR10bn by 2016.
The supplementary budget law is due to be presented to the German parliament
at the same time as the 2011 budget bill.
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