The German government has announced a cut in its tax revenue estimates, originally forecast in May, by DM12.9 billion this year, and a further cut of DM19.2 billion for next year.
Finance minister, Hans Eichel, said the reduction mirrors the sluggish status of the German economy which he claims is a direct result of the US slowdown and the 'remarkably tight' monetary policy of the European Central Bank last year.
The minister continues to rebuff calls to expedite tax cuts that are planned for 2003 and he also refuses to implement any further tax cuts for fear they would thrown the government's aim to balance the budget way off line.
'In these times of strong uncertainty on the part of the economic actors a cool head is needed, not hectic actionism. The correction of the tax receipt estimates will not lead us to abandon our consolidation policies,' he said.
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