BERLIN (Reuters) – 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 euros ($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 modernize 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 euros, up 5.2% from the previous year, according to the report.
($1 = 0.9358 euros)
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(Reporting by Maria Martinez; Editing by Ludwig Burger)