8/10, 11:31 AM (Source: TeleTrader)
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Germany unveils tax relief worth €10 billion

German Finance Minister Christian Lindner revealed on Wednesday a plan offering tax relief to around 48 million people worth approximately €10 billion. The announcement follows the latest inflation report that found that prices in Germany rose by 7.5% in July on an annual basis.

The measures will include raising the basic tax-free allowance, as well as increasing the threshold for the top income tax rate. Child benefits and tax exemptions for dependent children will also be raised, Lindner added. He warned Germany's "economic prospects have become fragile" and argued the state should not benefit from higher taxes "at a time when daily life is becoming more expensive."

Baha Breaking News (BBN) / DJ