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
On August 4, the first chartered flight of "The Japan Airlines" will arrive from Tokyo in the Baltic States and land in Riga.
more »
1.6 billion rouble loan to overcome problems holding up expansion of city of Surgut
more »
Nordic Shared Services & Outsourcing Forum 2009, 26 – 27 August, Sweden
more »
Results of the latest price survey by Eurostat show that Lithuania is on the list of the TOP 10 least expensive countries in Europe.
more »
The European Commission's Digital Competitiveness report published today shows that Europe's digital sector has made strong progress since 2005.
more »
US President Barack Obama said that the economy was weaker than he thought when he took office, but there are signs of improvement.
more »
The EIB and UniCredit Group strengthen their cooperation to implement the Joint Action Plan of the largest multilateral lenders in Central and Eastern Europe who have committed to provide up to EUR 24.5 bn lending to the SME sector hit by the global economic crisis.
more »
Within the first half of 2009, AB Bank SNORAS earned LTL 24 million of unaudited profit.
more »
10,000 workers were helped by the European Globalisation Adjustment Fund (EGF) last year and of these, more than two-thirds found a new job, according to a report adopted by the European Commission today.
more »
SEB recently won awards for best consumer Internet banks in Lithuania and Latvia in a ranking presented by Global Finance Magazine.
more »