According to a Financial Times report, plans put forward by the German government to change the tax rules for companies could adversely impact on the country's small and medium-sized businesses.
The business daily quoted the VB association of public sector banks as arguing that as a result of the decision not to allow businesses to offset the cost of their borrowing against tax liabilities, the "entire financing of the Mittelstand is under threat".
The banking association reportedly went on to add that for the SME sector, which generally relies on bank credit for a large proportion of its capital requirements, the removal of the tax break represents a "poisonous economic policy, especially in the current economic climate".
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