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Germany To Provide Personal Income Tax Relief

by Ulrika Lomas, Tax-News.com, Brussels

31 July 2020


On July 29, 2020, the German Federal Cabinet approved a draft tax law including personal income tax relief measures.

Among the measures in the EUR12bn (USD14bn) package is an increase in the income tax exempt allowance from EUR9,408 to EUR9,696 in 2021 and to EUR9,984 in 2022.

Additionally, personal income tax brackets will be increased in 2021 and 2022 to counteract wage inflation. The extent of these increases will be based on the results of a report on the matter due to be published in the autumn of 2020.

The child tax allowance will also be raised in 2021, from EUR7,812 to EUR8,388.

TAGS: tax | law | Germany | inflation | individual income tax

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