It has emerged that legislation set to be passed this Friday which would have lowered the tax burden of German insurance firms has been postponed following objections from within the ruling SPD party.
The Financial Times Deutschland reported earlier this week that the legislation, which was part of another tax bill, would be going before the lower house for a vote on Friday. Proposals contained in the bill recommended the scrapping of the 'haf income' tax method for health and life insurers, and would have allowed firms to write off losses on stock investments from their taxable income.
However, following the SPD's announcement that there is a "need to clarify" the situation, the vote has been postponed until the beginning of November.
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