Germany gets tax windfall, may help balance budget
November 2, 2012, 12:08 am TWN
BERLIN -- German Finance Minister Wolfgang Schaeuble said he expected a “near-balanced” budget next year as he announced Wednesday higher than expected tax receipts in Europe's biggest economy.
Schaeuble said Berlin's coffers should be swelled this year by an extra 5.8 billion euros (US$7.5 billion) in tax receipts compared to previous estimates “due to favorable economic trends pushing up wage income and company profits.”
Tax receipts were forecast to be 602.4 billion euros this year, rising to 618 billion euros in 2013, according to forecasts from the finance ministry. The forecast for 2013 was broadly in-line with the previous estimate in May.