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Germany plans to cut taxes by 6.3 bln euros a year - Handelsblatt
October 5, 2016 / 5:01 PM / a year ago

Germany plans to cut taxes by 6.3 bln euros a year - Handelsblatt

BERLIN, Oct 5 (Reuters) - Finance Minister Wolfgang Schaeuble plans to cut German taxes by 6.3 billion euros annually to stimulate domestic demand and counter global criticism that Germany’s export-oriented economy has contributed to a global trade imbalance, the Handelsblatt newspaper reported late on Wednesday.

Schaeuble will present his tax plans at the annual meeting of the International Monetary Fund in Washington, the newspaper said, citing a senior Finance Ministry official.

The tax breaks are intended to “support domestic demand”, the source said.

The newspaper said the tax breaks could take effect as early as January 2017 after Schaeuble’s centre-right Christian Democrats had reached agreement with the centre-left Social Democrats, junior partners in Germany’s ruling coalition. (Reporting by Andrea Shalal; Editing by Alison Williams)

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