German Tax Revenues RiseGerman tax revenues for the first seven months of the year were up 1.5 percent on the same period in 2012.
The Federal Finance Ministry's latest Monthly Report shows that EUR156.3bn (USD208.5bn) was generated in revenue from January-July. Tax receipts totaled EUR141.6bn, up EUR0.8bn (0.6 percent) on 2012.
In July, tax revenue (excluding local authority taxes) increased by 1.9 percent on the year. Revenue from joint taxes posted what the Ministry has described as a 'moderate' year-on-year rise of 1 percent, but taxes accruing solely to the German Federation were up 3.4 percent. Those accruing to the Lander rose by 21.1 percent.
However, once transfers to the European Union (EU) budget are taken into account, the Federation's revenue fell by 2.8 percent on July, 2012. These transfers were up by more than 75 percent.
For the month of July, cash receipts and gross revenue from assessed income tax rose by EUR0.1bn and EUR0.4bn, respectively. Cumulatively, cash receipts for the January-July period were up 19.6 percent. On the corporate tax front, receipts dropped from EUR0.2bn in July, 2012, to EUR0.1bn. Although there was a year-on-year decline in prepayments and back payments, this was offset by a low level of refunds. The cumulative upward trend in corporate tax revenue 'has lost some momentum,' the Ministry says, but it did see a 6.8 percent rise in the January-July period.
The growth rate for withholding tax on interest and capital gains 'accelerated significantly in July,' causing revenues to jump by 60.2 percent over 2012. Value-added tax revenues performed more moderately, up 1.2 percent, but receipts continue to fall. Cash receipts from wages tax in July were up 2.4 percent and the gross yield from non-assessed taxes on earnings fell by 16.2 percent.
For further information please contact Helmut Beck, international contact partner for our member firm in Germany on
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