BERLIN: Tax revenues of Germany’s federal and regional state governments increased by 0.8% in January compared with the previous year, driven by higher sales taxes and wage taxes, the finance ministry said on Tuesday.
Federal and state governments’ tax revenue increased to a total of €58.03 billion (US$62.01 billion), according to the ministry’s monthly report.
Germany needs a turnaround not only with respect to security policy, but also in economic and financial terms, with a focus on strengthening growth, the finance ministry said in the report.
The finance ministry will modernise Germany’s tax law with legislative initiatives that foster growth, according to the ministry’s report. Draft legislation will focus on making taxation simpler and more transparent, the report added.
For 2023, experts have forecast tax revenues will increase to €857.2 billion, up 5.2% from the previous year, according to the report.