German cabinet has approved sweeping income tax cuts to try to kickstart Europe's largest economy
Published:
30 June 2003 y., Monday
German cabinet has approved sweeping income tax cuts to try to kickstart Europe's largest economy, but without busting European Union budget rules.
Schroeder said the tax cuts would be financed by subsidy cuts, new borrowing and possibly revenues from the sale of shares in ex-state monopolies, but he gave no precise figures.
Schroeder said the 2004 budget should still be able to meet European Union rules, which require that the deficit be below three percent of gross domestic product. Germany broke that limit in 2002 and is expected to do so again this year.
The decision to bring forward by one year 18 billion euros of tax cuts scheduled for 2005 was taken at a rare weekend cabinet conclave at a secluded country hotel.
Both the European Commission and European Central Bank have warned against financing the tax cuts through more state debt.
Šaltinis:
europedaily.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The Kakheti Regional Roads Improvement Project for Georgia aims to reduce transport costs and improve access and traffic safety for the Kakheti regional roads.
more »
“Don Quixote – Made in Romania” brought the curtain down on the Cultural Days of the European Central Bank (ECB) 2009, with an expressive combination of tap dance, folklore, pantomime and martial arts.
more »
The Latvian Finance and Capital Market Commission permitted Mr. Vladimir Antonov, who is also the main shareholder of AB Bank SNORAS, to acquire and manage up to 33 per cent of the shareholding of the Latvian bank AS “Latvijas Krajbanka”.
more »
On October 30, the French-capital company “Eurovia Lietuva” opened a new asphalt plant near the capital city Vilnius. The company invested EUR 3.5 million into the new factory which is located near the old manufacturing facility to be closed soon.
more »
During the extraordinary general shareholders' meeting of AB Bank SNORAS, which took place on 5th November 2009, it was decided by additional contributions to increase the authorized capital of the bank by more than LTL 88 million.
more »
The French-capital company “Eurovia Lietuva” opened a new asphalt plant near the capital city Vilnius.
more »
“Banking Market in the Baltics 2009-2011, CEE Banking Brief” report recently presented by Intelace Research states that, despite the current economic recession, Estonia, Latvia and Lithuania are still among the most advanced banking markets in Central and Eastern Europe (CEE).
more »
The Bank of Lithuania permitted AB Bank SNORAS to include in the second level capital LTL 72.5 million (EUR 21 million) worth emission of termless debt securities distributed via non-public distribution on 31st August this year.
more »
The remit of the Parliamentary Committee set up to examine the financial crisis was debated at its first meeting on Wednesday (4 November).
more »
Europeans can now use direct debit from their home account to pay bills anywhere in the EU.
more »