By clicking on “Agree”, you enable us to gather statistical information that will help us better understand how visitors use our website.
This is done
✓ anonymously and without collecting personal data,
✓ without cookies,
✓ on servers in Germany
✓ and without any data being transmitted to third parties.
You can also revoke your consent at any time on our
Privacy policy page.
Any discrepancies in totals are due to rounding.
¹ Supplementary budget pursuant to the Bundesrat decision on the Act Adopting a Supplement to the Federal Budget for the 2021 Fiscal Year (Gesetz über die Feststellung eines Nachtrags zum Bundeshaushaltsplan für das Haushaltsjahr 2021) of 7 May 2021.
² As per accounts.
³ With the exception of expenditure on the repayment of debt incurred on the credit market, allocations to reserves and expenditure made to cover a cash deficit. Excluding expenditure from internal offsetting.
⁴ With the exception of revenue from loans on the credit market, withdrawals from reserves, revenue from cash surpluses and seigniorage. Excluding revenue from internal offsetting.
⁵ Negative values denote accumulation of reserves.
⁶ (-) debt repayment; (+) borrowing.
Source: Federal Ministry of Finance
The Bundestag adopted legislation on 23 April 2021 to enact a supplementary budget for 2021. The planned supplementary budget addresses the new pandemic situation, which has changed since the 2021 federal budget was adopted in December 2020. The current circumstances mean that additional assistance and protective measures are necessary, as is an adapted comprehensive vaccination and testing programme. It also means that economic expectations have deteriorated in comparison with the federal government’s 2020 autumn projection. In addition, additional borrowing authorisations will ensure there is adequate financial capacity for the rest of the year. The supplementary budget’s 2021 targets include spending of €547.7bn and revenues of €307.3bn. The 2021 target for new borrowing is now €240.2bn.
Federal revenue in the period from January to April 2021 totalled approximately €92.9bn, down by 11.5% (about €12.1bn) on the year. Tax receipts (also taking into account transfers of own resources to the EU) declined by 5.8% (roughly €5.3bn) compared with the same period in 2020. Revenue from the solidarity surcharge also fell, by 37.6% (approximately €2.2bn), largely due to the abolition this year of the solidarity surcharge for approximately 90% of wages tax and income tax payers. Receipts from income and corporation tax rose by 4.2% (around €1.8bn) on the year. Payments to the EU (GNI-based own resources and VAT-based own resources) increased by about €3.9bn in year-on-year terms.
The category of “other revenue” also posted a decline of 49.3% (about €6.8bn) on the year during the January-April period. This was mainly due to the fact that the Federation’s share of the Bundesbank’s net profits was not remitted. In the previous year, the Bundesbank transferred approximately €5.9bn to the Federation, of which €2.5bn remained in the federal budget. The other €3.4bn had to be allocated to the special investment and redemption fund to repay the fund’s debts.
In 2020, extraordinary measures were taken to fight the coronavirus pandemic and to mitigate its economic and social consequences. Budget execution in 2021 will also be heavily influenced by measures to counteract the pandemic and its effects.
Federal expenditure in the first four months of 2021 totalled around €163.5bn, an increase of 21.4% (roughly €28.8) over the same period last year. A breakdown by economic category shows that higher spending in the January–April period was driven mainly by consumption spending, which was up by 14.7% (approximately €18.7bn). Ongoing grants to public administrations and social security funds made up most of this rise. Grants to public administrations rose by 74.9% (about €7.5bn). This was partly a result of pandemic-related compensation payments under section 21 of the Hospital Financing Act (Krankenhausfinanzierungsgesetz), for which around €3.5bn had been made available up until the end of April 2021. Grants to social security funds were up by 25.6% (around €12.8bn) on the year. This includes roughly €8.1bn in disbursements to the health fund to cover costs caused by the Covid-19 pandemic. These grants also include €3.0bn in disbursements to the health fund’s liquidity reserves for a programme to future-proof hospitals. The increase in consumption spending was tempered by a decline in interest expenditure, which fell by 43.9% (about €1.8bn) on the year.
Investment spending totalled approximately €18.2bn in April 2021, an increase of 126.1% (roughly €10.2bn) over April 2020. The main factor driving this increase was liquidity assistance provided to the Federal Employment Agency (roughly €10.3bn so far this year). In contrast, fixed asset investment was down by 50.4% (about €1.3bn) due to a decline in spending on construction projects. About half of the year-on-year decline in construction spending can be attributed to a special factor that will affect spending over the whole year: as of 2021, investments in trunk road construction are being outsourced to Autobahn GmbH des Bundes (Federal Autobahn GmbH). These funds are being provided to Autobahn GmbH des Bundes in the form of investment grants, which were up by approximately €0.6bn on the year in April 2021. Approximately €5.5bn has been earmarked for these investment grants in 2021. As a result, about €4.7bn less has been budgeted for construction investment in 2021 than in 2020 (and about €4.2bn less than the amount that was actually spent on construction investment in 2020).
The federal budget recorded a deficit of €70.6bn for the four-month period from January to April 2021.
Revenue and expenditure are subject to strong fluctuations over the course of the fiscal year and thus have an uneven effect on cash funds in individual months. Net borrowing also tends to fluctuate considerably over the course of the year. This means that the fiscal balance at any given point in the year and the corresponding net borrowing figures are not reliable indicators of the end-of-year figures for the fiscal balance and net borrowing.
Trends in federal expenditure by function
Trends in federal expenditure by function
General public services
95,479
21.6
103,911
19.0
28,133
28,659
+1.9
Economic cooperation and development
12,127
2.7
12,324
2.3
2,648
2,697
+1.8
Defence
45,471
10.3
47,019
8.6
13,560
13,773
+1.6
Government, central administration
19,199
4.3
22,707
4.1
6,679
6,846
+2.5
Revenue administration
5,342
1.2
5,922
1.1
1,704
1,785
+4.8
Education, science, research, cultural affairs
28,645
6.5
31,829
5.8
6,458
6,145
-4.8
Support for school and university students and training programme participants
6,045
1.4
5,182
0.9
1,311
1,411
+7.6
Science, research and development outside of higher education institutions
15,236
3.4
18,207
3.3
3,248
3,021
-7.0
Social security, family affairs and youth, labour market policy
218,365
49.4
284,649
52.0
83,160
108,282
+30.2
Social insurance including unemployment insurance
129,829
29.4
134,149
24.5
48,144
63,090
+31.0
of which:
General pension insurance
93,004
21.1
97,401
17.8
37,411
39,161
+4.7
Health insurance
15,884
3.6
19,010
3.5
5,303
8,148
+53.6
Unemployment insurance
6,913
1.6
3,350
0.6
0
10,315
-
Labour market policy
40,876
9.3
45,360
8.3
12,051
14,069
+16.7
of which:
Basic income support for jobseekers under Book II of the Social Code
20,658
4.7
23,700
4.3
6,949
7,495
+7.9
Government housing and heating allowances under Book II of the Social Code
10,097
2.3
11,200
2.0
2,096
3,590
+71.2
Family assistance, welfare services, etc.
10,343
2.3
11,395
2.1
3,307
3,650
+10.4
Social benefits for the consequences of war and political events
2,039
0.5
2,269
0.4
801
905
+13.0
Other social affairs
24,149
5.5
79,621
14.5
14,783
22,349
+51.2
Health, environment, sport, recreation
19,001
4.3
25,114
4.6
1,913
5,807
+203.5
Housing, urban development, regional planning and local community services
1,783
0.4
2,972
0.5
352
423
+20.0
Housing, home ownership savings premium
893
0.2
1,675
0.3
242
327
+34.9
Food, agriculture and forestry
1,469
0.3
2,611
0.5
190
348
+83.0
Energy and water management, trade and services
5,509
1.2
14,620
2.7
2,734
1,509
-44.8
Regional support measures
1,400
0.3
2,968
0.5
247
210
-15.0
Mining, manufacturing and construction
2,316
0.5
1,491
0.3
2,052
432
-79.0
Transport and communication
22,961
5.2
33,683
6.1
5,459
5,482
+0.4
Roads
9,791
2.2
9,815
1.8
2,217
1,332
-39.9
Railways and public transport
8,156
1.8
16,321
3.0
1,776
1,790
+0.8
Financial management
48,585
11.0
48,336
8.8
6,311
6,878
+9.0
Interest expenditure and borrowing-related expenditure
6,457
1.5
10,267
1.9
4,168
2,340
-43.9
Total expenditure²
441,798
100.0
547,726
100.0
134,711
163,533
+21.4
¹ Supplementary budget pursuant to the Bundesrat decision on the Act Adopting a Supplement to the Federal Budget for the 2021 Fiscal Year (Gesetz über die Feststellung eines Nachtrags zum Bundeshaushaltsplan für das Haushaltsjahr 2021) of 7 May 2021.
² With the exception of expenditure on the repayment of debt incurred on the credit market, allocations to reserves and expenditure made to cover a cash deficit. Excluding expenditure from internal offsetting.
Source: Federal Ministry of Finance
Trends in federal expenditure by economic category
Trends in federal expenditure by economic category
Consumption expenditure
391,450
88.6
461,191
84.2
126,652
145,310
+14.7
Human resources expenditure
35,409
8.0
35,960
6.6
12,451
12,781
+2.7
Salary payments
26,249
5.9
26,817
4.9
9,052
9,423
+4.1
Pensions
9,160
2.1
9,144
1.7
3,399
3,358
-1.2
Operating expenditure
36,370
8.2
44,823
8.2
9,302
9,428
+1.4
Maintenance of immovable property
1,801
0.4
1,164
0.2
518
301
-41.9
Military procurement
16,833
3.8
18,155
3.3
3,564
3,567
+0.1
Other
17,736
4.0
25,504
4.7
5,221
5,560
+6.5
Interest expenditure
6,413
1.5
10,261
1.9
4,167
2,339
-43.9
Ongoing grants and subsidies
312,053
70.6
366,125
66.8
100,205
120,090
+19.8
to public administrations
75,607
17.1
40,670
7.4
10,039
17,560
+74.9
to other areas
236,446
53.5
325,455
59.4
90,166
102,529
+13.7
of which:
Companies
49,569
11.2
104,429
19.1
25,128
23,388
-6.9
Pensions, benefits, etc.
30,735
7.0
36,535
6.7
10,351
11,227
+8.5
Social security funds
134,613
30.5
153,495
28.0
49,913
62,704
+25.6
Other asset transfers
1,205
0.3
4,022
0.7
527
672
+27.5
Investment expenditure
50,348
11.4
59,268
10.8
8,059
18,224
+126.1
Financial assistance
38,756
8.8
51,165
9.3
5,406
16,907
+212.7
Grants and subsidies
30,652
6.9
39,856
7.3
5,229
5,532
+5.8
Loans, guarantees
7,630
1.7
6,680
1.2
175
11,051
X
Acquisition of holdings; capital contributions
473
0.1
4,628
0.8
2
323
X
Fixed asset investment
11,592
2.6
8,103
1.5
2,653
1,317
-50.4
Construction projects
8,192
1.9
4,554
0.8
1,839
752
-59.1
Acquisition of movable assets
2,816
0.6
3,412
0.6
682
550
-19.4
Acquisition of real property
585
0.1
137
0.0
131
15
-88.5
General reduction/increase in expenditure
0
0.0
27,267
5.0
0
0
X
Total expenditure²
441,798
100.0
547,726
100.0
134,711
163,533
+21.4
¹ Supplementary budget pursuant to the Bundesrat decision on the Act Adopting a Supplement to the Federal Budget for the 2021 Fiscal Year (Gesetz über die Feststellung eines Nachtrags zum Bundeshaushaltsplan für das Haushaltsjahr 2021) of 7 May 2021.
² With the exception of expenditure on the repayment of debt incurred on the credit market, allocations to reserves and expenditure made to cover a cash deficit. Excluding expenditure from internal offsetting.
Source: Federal Ministry of Finance
Income tax and corporation tax
(incl. final withholding tax on interest and capital gains)
140,012
45.0
134,358
43.7
43,278
45,105
+4.2
of which:
Wages tax
89,075
28.6
84,651
27.5
28,178
27,124
-3.7
Assessed income tax
25,067
8.1
24,814
8.1
7,646
7,710
+0.8
Non-assessed tax on earnings
10,761
3.5
9,200
3.0
3,115
2,751
-11.7
Final withholding tax on interest and capital gains
2,976
1.0
2,794
0.9
1,331
1,793
+34.7
Corporation tax
12,134
3.9
12,899
4.2
3,007
5,726
+90.4
Value added taxes (VAT)
94,391
30.3
114,323
37.2
33,467
33,854
+1.2
Trade tax apportionment paid to Federation and Länder
1,574
0.5
1,789
0.6
349
432
+23.8
Energy duty
37,635
12.1
39,850
13.0
7,777
6,550
-15.8
Tobacco duty
14,651
4.7
14,190
4.6
4,052
4,051
-0.0
Solidarity surcharge
18,676
6.0
9,950
3.2
5,874
3,663
-37.6
Insurance tax
14,553
4.7
14,890
4.8
7,626
7,791
+2.2
Electricity duty
6,561
2.1
6,880
2.2
2,193
2,270
+3.5
Motor vehicle tax
9,526
3.1
9,545
3.1
3,591
3,386
-5.7
Alcohol duty including alcopops duty
2,249
0.7
2,102
0.7
704
530
-24.7
Coffee duty
1,060
0.3
1,070
0.3
350
361
+3.1
Aviation tax
292
0.1
630
0.2
157
95
-39.5
Sparkling wine duty and intermediate products duty
428
0.1
394
0.1
145
98
-32.4
Other taxes accruing to the Federation
1
0.0
2
0.0
1
1
-
Deductions
Consolidation assistance for the Länder
1,067
X
800
X
0
0
-
Supplementary grants to Länder
8,751
X
9,179
X
2,405
2,302
-4.3
EU own resources (GNI-based)
25,616
X
33,280
X
9,670
12,822
+32.6
EU own resources (VAT-based)
2,473
X
4,430
X
1,040
1,811
+74.1
Grants to Länder for public transport
11,457
X
9,268
X
2,986
3,089
+3.4
Grants to Länder for motor vehicle tax and HGV toll
8,992
X
8,992
X
2,248
2,248
-
Other revenue
27,831
8.9
23,290
7.6
13,764
6,983
-49.3
Revenue from economic activity
7,263
2.3
5,352
1.7
6,535
1,072
-83.6
Interest revenue
364
0.1
385
0.1
55
101
+83.6
Loan repayments, holdings, privatisation proceeds
1,342
0.4
1,253
0.4
359
350
-2.5
Total revenue²
311,085
100.0
307,314
100.0
104,980
92,898
-11.5
¹ Supplementary budget pursuant to the Bundesrat decision on the Act Adopting a Supplement to the Federal Budget for the 2021 Fiscal Year (Gesetz über die Feststellung eines Nachtrags zum Bundeshaushaltsplan für das Haushaltsjahr 2021) of 7 May 2021.
² With the exception of revenue from loans on the credit market, withdrawals from reserves, revenue from cash surpluses and seigniorage. Excluding revenue from internal offsetting.
Source: Federal Ministry of Finance
2021 trends in tax revenue (excluding local authority taxes)
2021 trends in tax revenue (excluding local authority taxes)¹
Joint taxes
Wages tax²
18,439
+5.1
69,293
-2.3
211,300
+1.0
Assessed income tax
318
X
18,144
+0.8
61,150
+3.7
Non-assessed taxes on earnings
1,311
-2.8
5,572
-11.5
21,400
-0.5
Final withholding tax on interest and capital gains (including the former withholding tax on interest income)
838
+51.5
4,076
+34.7
7,500
+10.9
Corporation tax
1,250
X
11,453
+90.5
28,150
+16.0
Value added taxes
18,316
+60.3
73,111
+2.3
245,400
+11.8
Trade tax apportionment paid to Federation and Länder
998
+4.4
1,249
+11.6
4,419
+16.3
Increased trade tax apportionment
-0
X
-0
X
0
X
Total joint taxes
41,470
+44.8
182,898
+3.4
579,319
+6.4
Taxes accruing to the Federation
Energy duty
2,424
-13.8
6,550
-15.8
39,150
+4.0
Tobacco duty
1,466
-10.5
4,051
-0.0
14,460
-1.3
Alcohol duty
134
+1.9
529
-23.7
1,935
-13.5
Insurance tax
1,014
+17.9
7,791
+2.2
14,890
+2.3
Electricity duty
578
+19.2
2,270
+3.5
6,740
+2.7
Motor vehicle tax
819
-14.5
3,386
-5.7
9,545
+0.2
Aviation tax
26
+500.9
95
-39.8
450
+54.1
Solidarity surcharge
492
-47.8
3,663
-37.6
10,050
-46.2
Other taxes accruing to the Federation
128
+4.9
460
-9.2
1,401
-6.6
Total taxes accruing to the Federation
7,083
-10.9
28,795
-11.3
98,621
-6.6
Taxes accruing to the Länder
Inheritance tax
772
+18.8
2,881
+9.5
8,500
-1.2
Real property transfer tax
1,403
+17.5
6,119
+7.0
16,700
+4.0
Betting and lottery tax
182
+30.8
760
+11.5
2,170
+6.2
Beer duty
48
+53.4
167
+2.7
585
+3.3
Other taxes accruing to the Länder
35
+14.8
271
+4.8
522
+2.4
Total taxes accruing to the Länder
2,441
+19.4
10,198
+7.9
28,477
+2.5
EU own resources
Customs duties
478
+24.7
1,461
-2.4
4,950
+5.3
EU own resources (VAT-based)
296
+36.4
1,811
+74.1
4,430
+79.1
EU own resources (GNI-based)
2,093
+3.9
12,822
+32.6
33,290
+30.0
Total EU own resources
2,867
+9.7
16,094
+31.8
42,670
+30.1
Federation³
20,890
+34.4
87,315
-4.9
293,760
+3.8
Länder³
24,129
+36.0
103,654
+3.6
324,596
+2.6
EU
2,867
+9.7
16,094
+31.8
42,670
+30.1
Local authorities’ share of income tax and value added tax
3,586
+14.5
16,289
-0.6
50,341
+0.5
Total tax revenue (excluding local authority taxes)
51,471
+31.9
223,353
+1.3
711,367
+4.3
¹ Methodology: Total cash income from the various taxes is recorded and allocated to the various government levels as stipulated by law. Tax amounts actually received in the current month by individual government levels may differ from the target amounts for technical reasons.
² After deduction of child benefit refunds by the Federal Central Tax Office.
³ After supplementary grants; any discrepancies with the table on trends in federal revenue are due to the methodology used (see footnote 1).
⁴ Results of the Working Party on Tax Revenue Estimates of May 2021.
Source: Federal Ministry of Finance
Total tax revenue (excluding local authority taxes) was up by 31.9% on the year in April 2021. There was a drop in tax revenue in April 2020 due to a range of tax measures to mitigate the pandemic’s impact on taxpayers, including deferrals and reductions in prepayments. For example, in April 2020 around €6.4bn in tax relief was granted for VAT alone, which is administered by the Länder. For this reason, when interpreting the current data, it is useful to compare the April 2021 results with the pre-crisis figures from April 2019. Tax revenue in April 2021 was around 1.5% (€0.8bn) lower than in April 2019.
Receipts from joint taxes rose by 44.8% on the year in April 2021. VAT revenue posted very significant year-on-year gains of 60.3%. This was mainly the result of the low 2020 baseline, which was caused by tax relief measures. In contrast, taxes accruing solely to the Federation fell by 10.9% on the year in April, largely due to the widespread abolition of the solidarity surcharge and lower revenue from energy duty. Receipts from taxes accruing to the Länder were up by 19.4% over April 2020.
Transfers of own resources to the EU, including customs duties, were up by almost €0.3bn (9.7%) on the year in April 2021. Monthly fluctuations occur over the course of the year based on the EU’s financing needs at any given time. In general, monthly requisitions are based on the annual EU budget that is in force for the respective year.
In the four months from January to April 2021, tax receipts (excluding local authority taxes) increased by 1.3% compared with the same period in 2020. Revenue from joint taxes rose by 3.4%, while receipts from taxes accruing solely to the Federation were down by 11.3%. Revenue from taxes accruing solely to the Länder was up by 7.9%.
Distribution among the Federation, Länder and local authorities
The Federation’s tax receipts (after accounting for supplementary federal grants to the Länder) were up by 34.4% on the year in April 2021. The Federation’s take from joint taxes increased by 53.4% on the year, mainly due to a 74.2% rise in revenue from value added taxes. Revenue from purely federal taxes was down sharply, by 10.9%, and federal transfers of own resources to the EU increased slightly on the year, both of which reduced the Federation’s tax revenue. In addition, supplementary grants that the Federation pays to the Länder were up slightly on the year in April.
Länder tax receipts also increased markedly on the year in April 2021, by 36.0%. The revenue from joint taxes that is allocated to the Länder rose by 44.0%; as was the case with the Federation, this rise was driven mainly by a sharp year-on-year increase in receipts from value added taxes, which surged by 52.0%. In addition, the yield from taxes that accrue exclusively to the Länder posted a robust gain of 19.4%. Local authorities’ take from their share of joint taxes was 14.5% higher than in the same period last year.
Gross revenue from wages tax was up by 5.9% in year-on-year terms in April 2021. Cash receipts in April included wages tax that was remitted for March 2021. As a result of the ongoing pandemic and the lockdown measures, many companies are continuing to take advantage of the government’s short-time work scheme. This in turn has a negative impact on wages tax revenue. Revenue figures for April were also lower due to (a) the increase in the basic personal allowance which was enacted as part of the Second Family Tax Burden Reduction Act (Zweites Familienentlastungsgesetz) and (b) the related shift in the other tax thresholds. However, the baseline figure for April 2020 was also significantly impacted by the pandemic and, in particular, by the take-up of the short-time work scheme at the time. Child benefit payments – which are financed from wages tax receipts – rose by 10.0% on the year due to the €15 per child increase in child benefit enacted under the Second Family Tax Burden Reduction Act. Overall, the result was a 5.1% year-on-year rise in cash receipts from wages tax in April. In cumulative terms, cash receipts from wages tax were up by 2.3% on the year in the first four months of 2021.
Revenue from corporation tax totalled around €1.2bn in April 2021. In April 2020, around €2.5bn in refunds was paid out. The low baseline for 2020 was largely the result of pandemic-related measures taken on the basis of secondary legislation. Tax authorities reduced prepayments for the first quarter of 2020 that had already been made in March 2020, and granted a significant volume of deferrals. On balance, this led to a negative revenue total in April 2020. Because of their low volume, investment allowance payments had hardly any influence on receipts in April 2021. As a result, cash receipts from corporation tax were up significantly on the year in April 2021, by €3.7bn. Cumulatively, cash receipts from corporation tax increased by 90.5% in year-on-year terms in the first four months of 2021.
Gross receipts from assessed income tax rose by 23.3% on the year in April 2021. Here, too, deferrals and lower prepayments are likely to have reduced the 2020 baseline. Employee refunds declined by 25.9% on the year; after these are subtracted from the gross figure (along with investment allowance payments and owner-occupied homes premiums, which are insignificant in terms of amount), net cash receipts from assessed income tax posted a strong year-on-year gain of approximately €1.0bn in April. In cumulative terms, cash receipts from assessed income tax were up by 0.8% on the year in the first four months of 2021.
The gross yield from non-assessed taxes on earnings fell by 4.1% on the year in April 2021. Refunds by the Federal Central Tax Office, which are financed from this revenue, totalled about €87m (down by 20.2% on the year). Overall, cash receipts from non-assessed taxes on earnings fell by 2.8% in April 2021 compared with the same period last year. Cumulatively, cash receipts from non-assessed taxes on earnings were down by 11.5% on the year in the first four months of 2021.
Final withholding tax on interest and capital gains
Revenue from final withholding tax on interest and capital gains grew by 51.5% on the year in April 2021. Cumulative cash receipts from this tax were up by 34.7% on the year in the first four months of 2021.
Revenue from value added taxes rose by 60.3% in year-on-year terms in April 2021 as a result of pandemic-related one-off effects in the 2020 reference period. Receipts from domestic VAT and import VAT increased by 91.0% and 13.4%, respectively. This was mainly due to comprehensive pandemic-related tax relief for businesses, which was reflected in cash receipts in April 2020. A total of around €6.4bn in tax relief was provided at the time, with tax authorities reducing and refunding special prepayments, granting deferrals and suspending enforcement measures. Also, in the case of import VAT, the 2020 baseline was probably affected by a downturn in foreign trade due to the pandemic. Cumulatively, cash receipts from value added taxes rose by 2.3% on the year in the first four months of 2021.
In April 2021, revenue from taxes accruing solely to the Federation was down by 10.9% compared with the same month last year. Energy duty, motor vehicle tax, tobacco duty and sparkling wine duty all posted significant declines in revenue, falling by 13.8%, 14.5%, 10.5% and 21.3%, respectively. Revenue from the solidarity surcharge fell most sharply, by 47.8%, mainly due to the widespread abolition of the requirement to pay solidarity surcharge. In contrast, receipts from electricity duty showed clear growth of 19.2%. Revenue gains were also recorded for insurance tax and coffee duty, whose yields increased by 17.9% and 10.3%, respectively. Trends in revenue from other taxes had only a minor impact on overall receipts from federal taxes. In cumulative terms, cash receipts from taxes accruing solely to the Federation were down by 11.3% on the year in the January–April period.
Receipts from taxes accruing solely to the Länder were up sharply in April 2021, by 19.4% on the year. Some of these taxes posted significant revenue growth, with revenue from real property transfer tax, inheritance tax, fire protection tax and betting and lottery tax increasing by 17.5%, 18.8%, 14.8% and 30.8%, respectively. Receipts from beer duty climbed by 53.4%. In cumulative terms, cash receipts from taxes accruing solely to the Länder were up by 7.9% on the year in the first four months of 2021.
Borrowing trends for the Federation (budget and special funds, excluding loan financing) in April 2021
Borrowing trends for the Federation (budget and special funds, excluding loan financing) in April 2021
in €m
Total
1,250,634
41,826
-39,149
1,253,311
2,678
315
broken down by purpose
Federal budget
1,208,438
41,544
-39,149
1,210,833
2,395
315
Financial Market Stabilisation Fund (loans for expenses pursuant to section 9 (1) of the Stabilisation Fund Act (Stabilisierungsfondsgesetz))
22,771
8
-
22,779
8
-
Investment and Redemption Fund
16,043
15
-
16,058
15
-
Economic Stabilisation Fund (loans for recapitalisation measures pursuant to section 22 of the Stabilisation Fund Act)
3,381
259
-
3,640
259
-
broken down by debt type
Conventional federal securities
1,168,377
41,418
-39,099
1,170,696
2,319
931
30-year federal bonds
257,299
1,780
-
259,079
1,780
453
10-year federal bonds
536,864
12,985
-
549,849
12,985
262
Federal notes
163,035
4,066
-21,000
146,101
-16,934
110
Federal Treasury notes
82,010
3,671
-
85,681
3,671
45
Treasury discount papers issued by the Federation
129,168
18,916
-18,099
129,986
817
61
Inflation-linked federal securities
60,687
409
-
61,096
409
-587
30-year inflation-linked federal bonds
9,704
27
-
9,731
27
-84
10-year inflation-linked federal bonds
50,983
381
-
51,365
381
-503
Green federal securities
11,026
-
-
11,026
-
-
10-year green federal bonds
6,390
-
-
6,390
-
-
Green federal notes
4,636
-
-
4,636
-
-
Securitised loans
6,070
-
-50
6,020
-50
-29
Other loans and ordinary debts
4,474
-
-
4,474
-
-
Additional information
Liabilities from the indexing of inflation-linked federal securities1
3,857
3,994
137
-
Reserves in accordance with the Final Payment Financing Act (Schlusszahlungsfinanzierungsgesetz)2
3,617
4,163
546
-
1 Liabilities resulting from indexing include the amount by which the original issuance price has increased due to inflation between the start date and the specified reference date. 2 In contrast, reserves include only the increases that are noted on coupon payment dates (15 April of every year) (section 4 (1) of the Final Payment Financing Act) and on reopening dates for inflation-linked securities (section 4 (2) of the Final Payment Financing Act).
Any discrepancies in totals are due to rounding.
Source: Federal Ministry of Finance
Borrowing trends for the Federation (loan financing) in April 2021
Borrowing trends for the Federation (loan financing) in April 2021
in €m
Total
75,132
3,400
-
78,532
3,400
88
broken down by purpose
Financial Market Stabilisation Fund (loans for resolution authorities pursuant to section 9 (5) of the Stabilisation Fund Act)¹
37,100
3,400
-
40,500
3,400
88
Economic Stabilisation Fund (loans for KfW pursuant to section 23 of the Stabilisation Fund Act)²
38,032
-
-
38,032
-
-
Any discrepancies in totals are due to rounding.
¹ Under section 9 (5) of the Stabilisation Fund Act, the Federal Ministry of Finance is empowered to borrow up to €60bn for the Financial Market Stabilisation Fund so that the Fund can grant loans to resolution authorities for the purpose of refinancing (as per section 8 (10) of the Stabilisation Fund Act) assets that they have taken over. Such borrowing is neutral overall in terms of debt, because it replaces the funds that resolution authorities would otherwise have to borrow on the market. However, it does increase the debt level in federal securities.
² Under section 24 (1) in conjunction with section 23 of the Stabilisation Fund Act, the Federal Ministry of Finance is authorised to borrow up to €100bn for the Economic Stabilisation Fund for the purpose of granting loans. Under section 23 of the Stabilisation Fund Act, the Economic Stabilisation Fund can grant loans to KfW for the purpose of refinancing the special programmes assigned to it by the federal government in response to the coronavirus crisis.
Source: Federal Ministry of Finance