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 22 of June this year, the board of the newly established company of AB Bank SNORAS - UAB “SNORO Media Investicijos” - made a decision to invest in the shares of UAB “Lietuvos rytas” and to acquire 34 per cent of the authorised capital of the company.
more »
The Banker's Exchange is joining forces with Chicago-based Intergam Logistics as part of a global expansion initiative into the ATM support market.
more »
Lisbon treaty and financial supervision dominate debate at EU summit.
more »
In the most sweeping financial reform proposal since the Great Depression, President Barack Obama unveiled plans to overhaul the U.S. financial regulatory system, saying the events that led to the U.S. financial crisis make the proposed changes necessary.
more »
Due to the rising concerns on a possible disruption of Russian gas supplies to Europe coming through Ukraine, the Commission has chaired a meeting of the Gas Coordination Group to assure a stronger EU coordination and to secure energy supplies to European citizens.
more »
Mexico signs an agreement with Google to help revive tourism at its historical sites, after the swine flu epidemic.
more »
The recession could hit working women harder than men, an EU study warns, underscoring persistent disparities between the sexes in the European labour market.
more »
The first 4 months of 2009 saw 25 percent more FBI background checks on prospective firearm buyers compared to the same period last year in US.
more »
AS “Latvijas Krājbanka”, managed by AB Bank SNORAS, was presented with the annual prize of Deutsche Bank AG, one of the largest European banks, for the excellent quality of the outgoing payments.
more »
Danske Bankas has made another increase in the interest rate for fixed-term deposits in litas for both private and corporate clients.
more »