A German Finance Ministry official confirmed on Monday a recent Financial Times Deutschland report that stated the government is planning to ease the tax burden on German insurance companies.
According to the report, the new law will lower the tax burden on the country's insurers by between 5 billion euros and 10 billion euros this year and will be retroactive from 1 January 2003.
Spokesman Stefan Giffeler told FT Deutschland that the legislation, which is part of another tax bill, is expected to be put before a vote in the lower house on Friday. The main proposal in the bill is to scrap the so-called 'half income' tax method for health and life insurers and allow firms to write off losses on stock investments from their taxable income.
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