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Germany revises up 2016 total tax estimate by 5b euros

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Germany has raised its tax revenue estimates for this year by 5.0 billion euros (S$7.69 billion), Finance Minster Wolfgang Schaeuble said on Wednesday, citing an economic upswing and record-high employment.

[BERLIN] Germany has raised its tax revenue estimates for this year by 5.0 billion euros (S$7.69 billion), Finance Minster Wolfgang Schaeuble said on Wednesday, citing an economic upswing and record-high employment.

"The tax estimates show that we are in a stronger position to deal with the current challenges without net new debts," Mr Schaeuble said, with reference to the cost of dealing with a record influx of migrants into Germany last year.

But he added there was no fiscal leeway for the government to meet ministries' additional spending wishes.

The finance ministry's panel of tax experts put this year's total tax take - including Germany's federal, state, municipal and EU revenues - at 691.2 billion euros, up from 686.2 billion euros at the last estimate in November.

REUTERS