June 29, 2020 / 11:19 AM / a month ago

German lower house backs VAT cut from July 1

BERLIN (Reuters) - Lawmakers in Germany’s lower house of parliament on Monday backed stimulus measures including a cut in value-added tax (VAT) to 16% from 19% from July 1, aiming to stimulate growth in Europe’s largest economy after the impact of the coronavirus pandemic.

The Bundesrat upper house is expected to back the VAT cut, which will cost the government 20 billion euros, later on Monday along with other measures including a bonus payment to families of 300 euros per child.

“We have the chance to bring the economy back to growth in the second half of the year,” Economy Minister Peter Altmaier told reporters.

Writing by Paul Carrel; editing by Thomas Seythal

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