German Wage Tax Take Buoys 2013 RevenuesThe German Finance Ministry has provided an update on tax revenue figures in Germany for the first half of 2013, once again highlighting extremely positive wage and corporation tax collections.
Federal Government and state tax revenues rose again in the first six months of 2013, up 3.5 percent compared to the same period last year. Alongside the May tax estimate, fiscal experts anticipated that revenues will rise by 2.5 percent for the whole of the year, compared to 2012.
Latest figures reveal that income from both wage taxes and profit-related taxes have increased significantly so far this year, demonstrating that the poor economic climate has hardly affected corporate profits.
Indeed, income from corporation tax was up 9.3 percent in the first half of 2013, compared to the same time last year. Given the difficult export environment, impacting on export-oriented companies in Germany, corporate tax revenues remain 'extremely robust.'
However, the buoyant labor market remains the key to German state finance success. High employment levels coupled with further salary increases have secured solid social contribution and wage tax collections this year. Employees paid EUR5bn (USD6.6bn) or 7.2 percent more in wage taxes in the first half of 2013, compared to the first six months of 2012. Wage tax revenues in June alone were up 8.7 percent, against June 2012.
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