According to a German media report, Finance Minister Hans Eichel revealed yesterday that tax revenues increased in February, indicating that consumption is also on the rise.
"As concerning tax revenues, they are developing positively: Income in February was more than 3% higher compared with the same month the year before," the Sueddeutsche Zeitung quoted Eichel as announcing. "Value added tax also rose, which indicates that citizens are consuming more, also because of the tax reform."
The EU’s largest economy has been in a state of stagnation for a number of years, with diminishing tax revenues which have consistently undershot expectations and contributed to soaring budget deficits.
Although the Schroeder government has been attempting to put in place fairly aggressive tax cuts in a bid to jump-start the economy, Eichel indicated that he is not unduly worried if the fiscal numbers do not add up, telling the paper that the budget “has a cushion” to cover any shortfall.
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