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Germany faces lower tax intake due to slower growth: Handelsblatt

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Germany will take in several billion euros less in tax revenues next year than expected due to lower growth, Handelsblatt business daily reported on Thursday, a week before experts are due to give a new estimate.

[BERLIN] Germany will take in several billion euros less in tax revenues next year than expected due to lower growth, Handelsblatt business daily reported on Thursday, a week before experts are due to give a new estimate.

This could make it more difficult for Finance Minister Wolfgang Schaeuble to meet his cherished goal of achieving a balanced budget with no new debt in 2015, although he has stressed that his target is not at risk.

Handelsblatt cited sources from the group of tax experts who meet next week in the town of Wismar to deliver their five-year tax intake forecasts for the federal, state and local governments.

For each year from 2015 they expect government coffers to"be short of a middle single-digit billion (euro) figure".

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In May, the tax experts forecast 667 billion euros of tax revenues for next year but since then the government has slashed its growth forecast to 1.3 per cent from 2.0 per cent due to crises abroad and moderate global growth.

REUTERS

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