The tax estimate unveiled recently by the German finance ministry predicts higher tax revenues both this year and in the coming years, than previously predicted in the May forecast. The German finance ministry confirmed after the meeting in Halle of an independent “tax estimate” working group that November’s tax estimate predicted additional fiscal revenues in 2011 of around EUR16.2bn (USD22.3bn) compared to the May estimate, primarily due to higher economic growth. The finance ministry also assumed that the tax revenues in 2012 would be up by just EUR7.4bn compared to the earlier tax estimate as they expect a weaker prospect of growth next year.
According to the working group there will be a significant increase in fiscal revenues in the following years against the May estimate, with additional revenues of EUR4.5bn expected in 2013, EUR5.2bn forecast in 2014 and EUR6.2bn in 2015.
