Germany's SPD/Green Party coalition government has reached agreement on a package of tax increases designed to contain the country's widening deficit.
According to reports in the international media, the agreement was reached on Monday, but is due to be formally presented today.
Under the terms of the two-party pact, companies will face limitations on their ability to carry foward losses, and individual taxpayers will have to deal with a reduction of the tax benefits for homeowners, an exension of capital gains taxes on share transactions, and an anti-evasion campaign.
Speaking earlier this week, Franz Muntefering, SPD parliamentary leader announced that: 'Together, the measures are expected to raise 4.2 billion euros next year, rising to 11.3 billion by 2006.'
However, critics have warned that the package of tax proposals could impose new burdens on the already faltering economy.
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