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Taxes

German tax revenue rising as economy gathers steam

Stable employment on the back of a robust economic recovery is washing record revenues into German state coffers, latest figures by the Finance Ministry say. Berlin believes state income is set to continue rising.

In March 2014, German tax income had risen 7.2 percent compared with the same month a year ago, reaching 55.3 billion euros ($76.3 billion), the Finance Ministry in Berlin announced Tuesday.

In the first three month of this year, tax revenues of the country's central government, as well as its regions and municipalities had jumped to a total 140 billion euros, which was 3.7 percent higher than in the first quarter last year, the ministry said.

German government sees growth accelerating

The rise was stronger than had been expected in a tax estimate made in November 2013, it added, and was mainly due to a growing economy amid an unusually mild winter.

Broken down figures released by the finance ministry showed that the central government earned 4.1 percent more than in the first three months of last year, while the 16 regional states increased revenues by 15.2 percent.

The most significant money spinner for state authorities remained taxes on wages and private income. The biggest increases, however, were recorded in capital gains tax, plus 44 percent, and inheritance as well as property taxes, up by 22 percent, the figures showed.

Germany's overall national budget has been balanced since 2012, although the central government in Berlin is still running a small shortfall it hopes to iron out by 2015. If the trend continues, economists expect Germany to reach annual surpluses in its national account by 2017.

uhe/hc (Reuters, AFP, dpa)

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