German Cabinet endorses comprehensive economic stimulus package
Date
7/18/2024 4:07:52 AM
(MENAFN) The German cabinet has approved an extensive package designed to stimulate economic growth, aiming to address the country's current economic challenges. As Europe’s largest economy, Germany is projected to achieve only slight growth this year, making the package's comprehensive measures crucial. The package encompasses a total of 49 planned measures, all set to be implemented by the end of the year, which will introduce significant changes to the law.
German Finance Minister Christian Lindner emphasized the importance of this initiative, stating, “With our growth initiative, we will put in place important economic incentives to increase Germany’s attractiveness as an economic location.” He further underscored the necessity of fostering economic growth to create new budgetary buffers, highlighting the need to boost competitiveness and enhance innovation capacity.
Key components of the package include improvements to investment depreciation and research support. Additionally, energy-intensive companies will benefit from reduced electricity prices, easing their operational costs. The package also introduces incentives for workers to increase their work hours, with overtime exceeding full-time hours in collective contracts being exempt from taxes and contributions. Moreover, the package aims to enhance tax regulations for electric service vehicles and provide tax incentives to attract foreign technical personnel. Finally, it includes stricter procedures for those receiving citizens’ benefits, ensuring more efficient use of resources.
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