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 World Bank is seeing a surge in demand from borrowers seeking the Bank’s expertise to mitigate currency and interest rate risk.
more »
The European Commission has approved under EU state aid rules a Lithuanian package intended to stabilise the markets as a response to the global financial crisis.
more »
Total cereal production in 2010 should be close to the average from the last five years. While the yield per hectare will be 5% above average, overall cultivated areas have decreased.
more »
According to the unaudited data, AB Bank SNORAS profit prior to provisions and tax exemption within the first half of this year comprised LTL 51 million, the bank formed almost LTL 48 million provisions.
more »
The European Commission today approved two applications from Denmark for assistance from the EU Globalisation Adjustment Fund (EGF).
more »
The European Investment Bank today signed two loans for a total amount of EUR 150 million in support of small and medium-sized enterprises (SMEs) in Turkey.
more »
On 23 July 2010 the Board of the Bank of Lithuania permitted Bank SNORAS to register a change to the articles of association related to the increase of the authorized capital of the bank by LTL 82.3 million up to LTL 494,217,107.
more »
Heads of State and top officials from the Central American Integration System and World Bank Group President, Robert B. Zoellick, agreed to join efforts towards regional cooperation and integration and adopted a comprehensive agenda that includes an action plan with more than 20 specific measures.
more »
The Executive Board of the International Monetary Fund (IMF) today approved the full cancellation of Haiti’s outstanding liabilities to the Fund, of about SDR 178 million (equivalent to US$268 million).
more »
The Executive Board of the International Monetary Fund (IMF) today completed the third review of Latvia's performance under an economic program supported by a Stand-By Arrangement (SBA).
more »