Germany: Government approves value-added tax cut to revive economy

The German government agreed on a value-added tax cut starting from July 1st in order to stimulate investment in the economy, Minister of Finance, Olaf Scholz said during the press conference he held along with Economy Minister, Peter Altmaier after a special cabinet meeting in Berlin on Friday. «The central measure we have decided on today is the reduction of value-added tax from 19% to 16% and from 7% to 5%,» said Scholz, who added that the associated loss of revenue «will be carried exclusively by the federal government,» in order to ensure that federal states and municipalities «will continue to have the strength to invest» and ensure that what needs to be invested in «is done properly and quickly on the ground.» The finance minister emphasised that no further stimulus program was being discussed, and added that «we have considered very carefully what we are doing, we discussed it very intensively.» In early June, German Chancellor Angela Merkel announced that the parties forming the government have agreed on a 130-billion-euro stimulus package to help revive the coronavirus-hit economy.
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