German Finance Ministry officials said Tuesday that the ministry wants to raise the threshold for income tax categories and increase childcare allowances to help families overcome the highest level of inflation in the country in decades.
The officials added that the income tax exemption limit will rise to 10,632 euros next year and 10,932 euros in 2024, from 10,347 euros currently.
On the other hand, the highest rate of income tax will start at an income of 61,972 euros next year and 63,515 euros in 2023, compared to 58,597 euros currently.
Officials said childcare allowances for the first two children would rise by eight euros to 227 euros next year.
As a result, they added, income tax revenue is expected to fall by 10.12 billion euros next year and 17.5 billion euros in 2024.
The changes are aimed at easing the burden on families after inflation in Germany hit 8.5 percent in July, driven by sharp increases in food and energy prices.
(Reuters)
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