Germany to launch tax relief amid economic pressures
The German government is making €6 billion available for companies, while India is imposing a new tax on online gaming in a bid to tackle addiction.
German companies are set to receive a tax relief package of around €6 billion ($6.61 billion) per year.
According to the sources, Germany's Ministry of Finance is planning to offer businesses the package to help combat a difficult economic climate that looks increasingly likely to result in recession.
In a tweet on Wednesday, July 12, Finance Minister Christian Lindner said: “The economy needs stimulus – rarely has this been so urgent as now.”
The package, which will include almost 50 tax policy measures, is set to make up part of the Growth Opportunities Act, the sources said.
According to the sources, it will include tax incentives for companies to make environmentally friendly investments and will also provide greater incentives for research.
Germany predicts revenue increase under pillar two
In other news from Germany, the Ministry of Finance reports that the global minimum corporate rate would increase tax revenue by €910 million ($1 billion) in 2026, reported Reuters on Tuesday, July 11.
Large companies operating in Germany with revenues of at least €750 million will have to pay the minimum rate of 15% on worldwide profits. In Germany specifically, this is expected to affect around 800 businesses.
Germany is set to implement the two-pillar solution as part of the country’s support for the OECD reforms, but there is still uncertainty over whether pillar one will succeed globally.
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