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Hans Eichel Says No Tax Cuts Until 2006

by Robert Lee, Tax-News.com, London

17 April 2002

German Finance Minister, Hans Eichel said that there will be no tax cuts in Germany until 2006 if the current government is re-elected in the autumn.

Speaking on Monday, Mr Eichel stated that: 'The box is staying closed, both for this and the next legislative period'.

The Finance Minister went on to explain that: 'There's no other way of meeting the target agreed with our EU partners of a balanced budget by 2004. Anyone who promises more than that, will either not be able to keep their promises after the election, or will jeopardize the European stability pact and cause lasting damage to the euro.'

Mr Eichel also said that he expects the German economy to pick up speed over the coming year, but that he would be sticking to his 0.7% average annual growth estimate for 2002.

'I'm a cautious man. I therefore don't see any reason to change the forecast,' he explained.

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