World Economy

German Tax Revenue Rising

German Tax Revenue RisingGerman Tax Revenue Rising

High employment and a robust labor market in Germany will result in higher annual tax incomes until 2020, NewEurope reported. Tax revenues will likely be €42.4 billion ($48.4 billion) higher than predicted during the previous estimate last November, according to experts from Germany’s finance ministry, the central bank and the National Statistics Office. Finance Minister Wolfgang Schauble told reporters in Berlin on May 4 that total tax income would come in at €691.2 billion this year alone–€5 billion more than previously forecast. As reported by Deutsche Welle, Germany’s international broadcaster, annual tax revenue would amount to €808.1 billion. This is based on the latest estimate by the panel of experts. What is more, the latest calculations will see regional authorities in Germany press even harder for more financial support from the federal state as they grapple with considerable extra costs linked to the influx of refugees.