COVID-19: German parliament passes additional stimulus package

July 08, 2020

On 29 June 2020, the German parliament has approved the second economic stimulus package in response to COVID-19. The package includes the following tax measures.

A reduction in the standard rate of value-added tax from 19 to 16 percent for the period from July 1 to December 31, 2020.
An increased threshold for 2020 and 2021 for tax-loss carrybacks; up to EUR5m in losses in 2020 and 2021 (up from EUR1m). For joint filers, the limit will be set at EUR10m
A doubling of the maximum allowance for research and development expenditure to EUR1m per year for the period from 2020 to 2025
Availability of the declining-balance method of depreciation for assets acquired or produced in 2020 and 2021

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