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Any discrepancies in totals are due to rounding.
¹ As per accounts.
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.
³ 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.
⁴ Negative values denote accumulation of reserves.
⁵ (-) debt repayment; (+) borrowing
Source: Federal Ministry of Finance
Actual 2021
2022 target
Actual¹ January to June 2022
The Act Adopting the Federal Budget for the 2022 Fiscal Year (Haushaltsgesetz 2022) was promulgated in the Federal Law Gazette on 22 June 2022.
Revenue
Federal revenue in the first half of 2022 totalled €175.6bn, up by 19.4% (about €28.6bn) on the year. Tax receipts (including EU own resources that are subtracted from the total) were up by 20.3% (about €27.8bn) on the year. Revenue from value added taxes rose by 30.4% (about €15.9bn), while receipts from income tax and corporation tax grew by 16.7% (about €12.1bn). Payments to the EU (GNI-based own resources and VAT-based own resources) were down by about €2.3bn on the year, which also contributed to the increase in tax revenue.
The category of “other revenue” recorded a gain of 7.7% (about €0.8bn) on the year in the January–June period.
Federal expenditure in the first six months of 2022 totalled approximately €227.7bn, down by 7.3% (about €17.9bn) compared with the same period last year. A breakdown by economic category shows that consumption spending was down by 2.8% (about €6bn) on the year. There were several contrasting trends overall. For example, ongoing subsidies to social security funds were up by about €10.1bn on the year, which increased spending levels. This included higher federal payments (totalling roughly €11.2bn) to the health fund and the long-term care insurance compensation fund to cover pandemic-related costs, and the elimination of about €3bn in grants for a programme to future-proof hospitals. In addition, spending on subsidies for the procurement of Covid-19 vaccines rose by around €2.0bn on the year in the January–June period. Operating expenditure was also up on the year by 14.8% (roughly €2.2bn), due mainly to costs incurred in connection with the build-up and release of gas reserves. Approximately €1.5bn was spent for this purpose in the first six months of 2022. The reduction in spending compared with the same period last year was mainly due to lower subsidies to companies, which fell by 44.4% (around €16.7bn). Assistance to businesses affected by the fallout from the coronavirus pandemic amounted to roughly €6.8bn in the first half of 2022 compared with approximately €23.0bn in the same period last year. Moreover, grants to public administrations were down by 14.1% (about €3.4bn) on the year, due mainly to the fact that in 2021 a €2.5bn grant was allocated to the Energy and Climate Fund, which increased the baseline figure. In addition, pandemic-related compensation payments under section 21 of the Hospital Financing Act (Krankenhausfinanzierungsgesetz) declined by about €1.0bn.
Investment spending totalled about €15.6bn in the first six months of 2022, down by 43.3% (roughly €11.9bn) on the year. This was mainly because the liquidity assistance provided to the Federal Employment Agency in the January–June period was around €11.0bn lower than in the same period last year. At the end of the 2021 budget year, the assistance granted over the course of the year that was not repaid by the end of the budget year was converted into a subsidy for the Federal Employment Agency. Fixed asset investment in the January-June period was down by roughly 6.0% (about €0.1bn) on the year.
The federal budget recorded a deficit of roughly €52.1bn in the first half of 2022.
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
100,399
18.0
110,061
22.2
42,869
44,858
+4.6
Economic cooperation and development
13,224
2.4
12,304
2.5
3,611
3,851
+6.7
Defence
46,550
8.4
52,300
10.5
20,707
21,572
+4.2
Government, central administration
20,576
3.7
23,393
4.7
10,235
10,786
+5.4
Revenue administration
5,981
1.1
6,310
1.3
2,796
2,929
+4.8
Education, science, research, cultural affairs
28,985
5.2
32,211
6.5
11,130
9,907
-11.0
Support for school and university students and training programme participants
4,912
0.9
4,484
0.9
2,655
1,922
-27.6
Science, research and development outside of higher education institutions
16,259
2.9
20,264
4.1
5,244
5,116
-2.4
Social security, family affairs and youth, labour market policy
281,133
50.5
248,486
50.1
154,181
135,963
-11.8
Social security funds including unemployment insurance
147,057
26.4
130,769
26.4
87,772
74,638
-15.0
of which:
General pension insurance
97,343
17.5
99,465
20.1
55,306
56,256
+1.7
Health insurance
18,887
3.4
15,940
3.2
10,777
7,824
-27.4
Unemployment insurance
16,935
3.0
1,000
0.2
13,931
2,939
-78.9
Labour market policy
42,109
7.6
41,233
8.3
21,431
19,761
-7.8
of which:
Basic income support for jobseekers under Book II of the Social Code
21,748
3.9
21,085
4.3
11,556
10,359
-10.4
Government housing and heating allowances under Book II of the Social Code
10,090
1.8
9,800
2.0
5,236
4,691
-10.4
Family assistance, welfare services, etc.
11,038
2.0
11,729
2.4
5,504
5,665
+2.9
Social benefits for the consequences of war and political events
2,159
0.4
2,182
0.4
1,146
1,110
-3.2
Other social affairs
67,506
12.1
50,952
10.3
33,078
29,088
-12.1
Health, environment, sport, recreation
16,959
3.0
20,703
4.2
9,201
10,237
+11.3
Housing, urban development, regional planning and local community services
2,270
0.4
3,603
0.7
747
728
-2.6
Housing, home ownership savings premium
1,320
0.2
2,159
0.4
586
584
-0.3
Food, agriculture and forestry
1,953
0.4
2,158
0.4
601
410
-31.8
Energy and water management, trade and services
5,705
1.0
15,075
3.0
2,606
5,154
+97.8
Regional support measures
1,796
0.3
2,920
0.6
393
517
+31.8
Mining, manufacturing and construction
801
0.1
1,261
0.3
481
432
-10.3
Transport and communication
29,781
5.4
28,836
5.8
8,824
9,078
+2.9
Roads
8,451
1.5
9,452
1.9
2,560
2,943
+15.0
Railways and public transport
14,139
2.5
11,587
2.3
2,945
3,186
+8.2
Financial management
89,432
16.1
34,659
7.0
15,429
11,350
-26.4
Real property and capital assets, special funds and financial grants
84,467
15.2
14,936
3.0
5,535
2,504
-54.8
Interest expenditure and borrowing-related expenditure
3,881
0.7
16,234
3.3
9,226
8,131
-11.9
Total expenditure¹
556,617
100.0
495,791
100.0
245,589
227,685
-7.3
¹ 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
510,835
91.8
450,772
90.9
218,106
212,105
-2.8
Human resources expenditure
36,498
6.6
37,399
7.5
18,831
19,616
+4.2
Salary payments
27,237
4.9
27,832
5.6
13,891
14,461
+4.1
Pensions
9,261
1.7
9,566
1.9
4,941
5,155
+4.3
Operating expenditure
38,670
6.9
60,854
12.3
14,968
17,178
+14.8
Maintenance of immovable property
1,083
0.2
1,122
0.2
480
480
+0.0
Military procurement
17,068
3.1
20,427
4.1
5,823
5,769
-0.9
Other
20,518
3.7
39,306
7.9
8,666
10,929
+26.1
Interest expenditure
3,855
0.7
16,204
3.3
9,210
8,114
-11.9
Ongoing grants and subsidies
427,989
76.9
334,807
67.5
174,280
166,457
-4.5
to public administrations
117,438
21.1
46,842
9.4
24,401
20,954
-14.1
to other areas
310,551
55.8
287,964
58.1
149,879
145,503
-2.9
of which:
Companies
83,683
15.0
54,656
11.0
37,501
20,839
-44.4
Pensions, benefits, etc.
32,557
5.8
35,623
7.2
17,067
16,066
-5.9
Social security funds
172,478
31.0
167,875
33.9
86,723
96,782
+11.6
Other asset transfers
3,824
0.7
1,509
0.3
817
740
-9.4
Investment expenditure
45,782
8.2
51,541
10.4
27,483
15,579
-43.3
Financial assistance
39,321
7.1
44,034
8.9
25,184
13,418
-46.7
Grants and subsidies
33,788
6.1
37,942
7.7
9,468
9,175
-3.1
Loans, guarantees
2,363
0.4
4,821
1.0
15,393
4,243
-72.4
Acquisition of holdings; capital contributions
3,170
0.6
1,271
0.3
323
0
-100.0
Fixed asset investment
6,461
1.2
7,506
1.5
2,299
2,161
-6.0
Construction projects
3,920
0.7
4,461
0.9
1,350
1,293
-4.2
Acquisition of movable assets
2,453
0.4
2,883
0.6
923
853
-7.6
Acquisition of real property
88
0.0
162
0.0
26
15
-42.3
General reduction/increase in expenditure
0
0.0
-6,521
-1.3
0
0
X
Total expenditure¹
556,617
100.0
495,791
100.0
245,589
227,685
-7.3
¹ 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)
162,587
47.7
162,957
45.8
72,353
84,464
+16.7
of which:
Wages tax
92,671
27.2
93,358
26.2
40,851
47,300
+15.8
Assessed income tax
30,746
9.0
29,718
8.3
13,675
16,196
+18.4
Non-assessed tax on earnings
13,695
4.0
16,125
4.5
5,969
7,893
+32.2
Final withholding tax on interest and capital gains
4,413
1.3
3,784
1.1
2,327
1,863
-19.9
Corporation tax
21,062
6.2
19
5.6
9,532
11,212
+17.6
Value added taxes
113,126
33.2
135,270
38.0
52,260
68,167
+30.4
Trade tax apportionment paid to Federation and Länder
2,082
0.6
2,210
0.6
639
885
+38.5
Energy duty
37,120
10.9
30,650
8.6
12,843
13,544
+5.5
Tobacco duty
14,733
4.3
15,220
4.3
6,638
6,020
-9.3
Solidarity surcharge
11,028
3.2
11,150
3.1
5,717
6,359
+11.2
Insurance tax
14,980
4.4
15,650
4.4
9,620
10,046
+4.4
Electricity duty
6,691
2.0
6,850
1.9
3,332
3,507
+5.3
Motor vehicle tax
9,546
2.8
9,560
2.7
5,036
5,027
-0.2
Alcohol duty including alcopops duty
2,084
0.6
2,132
0.6
924
1,037
+12.2
Coffee duty
1,058
0.3
1,060
0.3
528
541
+2.5
Aviation tax
566
0.2
1,115
0.3
124
423
+241.1
Sparkling wine duty and intermediate products duty
363
0.1
387
0.1
158
187
+18.4
Other taxes accruing to the Federation
2
0.0
2
0.0
1
2
+100.0
Deductions
Consolidation assistance for the Länder
800
X
800
X
0
0
X
Supplementary grants to Länder
10,071
X
10,512
X
5,195
5,649
+8.7
EU own resources (GNI-based)
28,683
X
29,600
X
16,567
14,324
-13.5
EU own resources (VAT-based)
4,416
X
4,740
X
2,402
2,369
-1.4
Grants to Länder for public transport
9,458
X
9,744
X
4,634
8,692
+87.6
Grants to Länder for motor vehicle tax and HGV toll
8,992
X
8,992
X
4,496
4,496
+0.0
Other income
27,472
8.1
27,751
7.8
10,107
10,883
+7.7
Revenue from economic activity
5,342
1.6
5,358
1.5
1,541
1,674
+8.6
Interest revenue
346
0.1
409
0.1
141
238
+68.8
Loan repayments, holdings, privatisation proceeds
1,304
0.4
1,283
0.4
248
255
+2.8
Total revenue¹
341,017
100.0
356,186
100.0
146,988
175,563
+19.4
¹ 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
2022 trends in tax revenue (excluding local authority taxes)
2022 trends in tax revenue (excluding local authority taxes)¹
Joint taxes
Wages tax²
20,949
+13.7
116,569
+14.7
236,100
+8.1
Assessed income tax
16,152
+13.4
38,108
+18.4
70,100
-3.1
Non-assessed taxes on earnings
7,756
+59.1
16,732
+31.5
32,250
+17.7
Final withholding tax on interest and capital gains
(including the former withholding tax on interest income)
250
-51.7
4,233
-20.0
8,600
-14.3
Corporation tax
9,871
+29.3
22,424
+17.6
41,750
-0.9
Value added taxes
25,754
+55.4
141,347
+25.7
283,250
+12.9
Trade tax apportionment paid to Federation and Länder
5
+74.9
2,136
+45.5
5,333
+7.7
Increased trade tax apportionment
0
X
0
X
0
X
Total joint taxes
80,736
+29.6
341,549
+19.9
677,383
+8.2
Taxes accruing to the Federation
Energy duty
3,281
+3.2
13,544
+5.5
37,500
+1.0
Tobacco duty
1,192
-10.8
6,020
-9.3
15,220
+3.3
Alcohol duty
173
+19.0
1,036
+12.3
2,130
+2.0
Insurance tax
814
+7.1
10,046
+4.4
15,650
+4.5
Electricity duty
592
+13.5
3,507
+5.2
6,850
+2.4
Motor vehicle tax
835
-5.2
5,027
-0.2
9,560
+0.1
Aviation tax
103
+541.1
423
+240.7
1,115
+97.1
Solidarity surcharge
2,235
+43.3
6,359
+11.2
11,150
+1.1
Other taxes accruing to the Federation
116
+0.1
730
+6.0
1,451
+2.3
Total taxes accruing to the Federation
9,340
+9.7
46,693
+3.9
100,626
+2.5
Taxes accruing to the Länder
Inheritance tax
733
-13.5
5,065
+13.0
10,400
+5.9
Real property transfer tax
1,519
+5.1
9,467
+5.8
18,800
+2.5
Betting and lottery tax
209
+6.6
1,362
+22.0
2,655
+13.8
Beer duty
53
+0.6
275
+3.0
600
+2.7
Other taxes accruing to the Länder
38
+9.1
370
+8.4
580
+8.1
Total taxes accruing to the Länder
2,551
-1.0
16,539
+9.1
33,035
+4.5
EU own resources
Customs duties
566
+43.9
3,089
+31.1
5,900
+15.2
VAT-based own resources
395
+52.7
2,369
-1.4
4,740
+7.3
GNI-based own resources
2,387
+71.9
14,324
-13.5
29,600
+3.2
Total EU own resources
3,348
+64.0
19,783
-7.2
41,630
+8.9
Federation³
37,226
+15.1
167,428
+19.9
345,246
+10.1
Länder³
46,309
+37.1
192,929
+19.5
375,053
+5.6
EU
3,348
+64.0
19,783
-7.2
41,630
+8.9
Local authorities’ share of income tax and value added tax
6,309
+12.7
27,731
+11.9
55,016
+1.9
Total tax revenue (excluding local authority taxes)
93,193
+26.3
407,870
+17.5
816,944
+7.4
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 2022.
Source: Federal Ministry of Finance
Total tax revenue (excluding local authority taxes) was up by 26.3% on the year in June 2022. This outcome was driven mainly by a 29.6% year-on-year rise in revenue from joint taxes. Almost half of the revenue increase was attributable to value added taxes, and particularly to import VAT, which for technical reasons was posted at a later date. A considerable increase in dividend distributions led to a sharp rise in receipts from non-assessed taxes on earnings in June. Corporation tax and assessed income tax posted significant revenue gains, largely due to tax prepayments that fall due in June. The robust labour market ensured strong growth in receipts from wages tax. Final withholding tax on interest and capital gains was the only joint tax that posted a decrease. Revenue from taxes accruing solely to the Federation was up by 9.7% on the year in June, while receipts from taxes accruing to the Länder fell slightly by 1.0%.
Transfers of EU own resources rose by 64.0% on the year in June 2022. In general, monthly requisitions are based on the annual EU budget that is in force for the respective year and are distributed relatively evenly across individual months. The 2022 annual budget is similar to last year’s in terms of volume. However, so far this year the drawdown of EU own resources has been 7.2% lower in cumulative terms than in the same period last year. As a result, requisitions in the rest of the year can also be expected to be somewhat higher than in the equivalent period of 2021.
Cumulative overview of the January–June 2022 period
In the first half of 2022, total tax revenue (excluding local authority taxes) was up by 17.5% on the year. This is partly due to the fact that the 2021 baseline was impacted by the economic effects of the Covid-19 pandemic and by the statutory and administrative tax measures that were taken in response. In the first six months of 2022, receipts from joint taxes were up by 19.9% on the year, while revenue from federal taxes was up by 3.9% and the yield from Länder taxes was up by 9.1%.
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 15.1% on the year in June 2022. This outcome was driven mainly by a hefty 32.4% increase in the Federation’s take from joint taxes. Revenue from purely federal taxes grew at a comparatively weaker rate of 9.7%, but this had only a slight dampening effect on the Federation’s overall revenue growth. In contrast, factors that did significantly cut into the Federation’s overall revenue in June 2022 included higher transfers of EU own resources from the federal budget (which were up by over €1.1bn) and a €3.7bn increase in public transport subsidies to the Länder. The transfers of additional federal subsidies for public transport to the Länder in June were based on the Seventh Act Amending the Local Public Transport Act (7. Gesetz zur Änderung des Regionalisierungsgesetzes) of 25 May 2022. The additional funds are being used to offset revenue losses in the public transport sector resulting from the Covid-19 pandemic and to finance the 9-euro ticket scheme (a temporary reduced-rate public transport ticket costing €9 per month in the months of June, July and August 2022). Supplementary federal grants to the Länder increased by 12.6%.
Länder tax receipts (after accounting for supplementary federal grants) were up by 37.1% on the year in June 2022, significantly outpacing the Federation. The overall share of revenue from joint taxes that was allocated to the Länder was somewhat lower than the Federation’s due to a slight decrease in the Länder share of VAT revenue. The slight 1% decline in receipts from taxes accruing solely to the Länder also had a negative impact on Länder tax revenue totals. On the other hand, the above-mentioned disbursement of federal subsidies to the Länder for public transport significantly boosted Länder revenue. The increase in supplementary federal grants also had a positive impact on Länder revenue. Local authorities’ take from their share of joint taxes was 12.7% higher than in the same period last year.
Gross revenue from wages tax was up by 10.6% on the year in June 2022. This result reflects, in particular, the ongoing positive trends on the labour market (for more information, see the article “Konjunkturentwicklung aus finanzpolitischer Sicht” [“Domestic economic trends from a fiscal policy perspective”] in the current German edition of the monthly report). Child benefit payments – which are financed from wages tax receipts – were down by 3.4% on the year. Overall, cash receipts from wages tax posted a year-on-year gain of 13.7% in June 2022. In cumulative terms, cash receipts from wages tax were up by 14.7% on the year in the first six months of 2022.
Gross receipts from corporation tax were up by 29.5% in June 2022, the month in which second prepayment instalments for 2022 were due. Prepayments for the current year rose by over 26% on the year. Back-payments and refunds from assessments were nearly equal, a slight improvement on the year. Payments of research and investment allowances, which are financed from gross receipts, totalled only about €11m and thus had only a marginal impact on cash receipts from corporation tax. Cash receipts from corporation tax were up by 29.3% on the year. In cumulative terms, cash receipts from corporation tax were up by 17.6% on the year in the first six months of 2022.
Revenue from assessed income tax in June 2022 was also influenced by prepayments for the current year. Gross receipts from assessed income tax were up by 8.7% on the year in June. Prepayments for the current year rose by roughly 8%. Employee refunds declined by 40.7% on the year. Investment allowance payments, research allowance payments and owner-occupied homes premiums, which are insignificant in terms of amount, were also deducted from the gross figure. On balance, cash receipts from assessed income tax were up by 13.4% on the year in June 2022. In cumulative terms, cash receipts from assessed income tax were up by 18.4% on the year in the first six months of 2022.
Gross receipts from non-assessed taxes on earnings were up by 55.8% on the year in June 2022. In May, a number of large corporations held shareholders’ meetings, where many approved significant increases in dividend distributions. The capital income tax revenue from these dividend distributions was remitted to the revenue authorities in June. Refunds by the Federal Central Tax Office, which are financed from gross revenue, totalled about €35m (down by 72.5% on the year). Overall, cash receipts from non-assessed taxes on earnings were up by 59.1% on the year in June 2022. Cumulatively, cash receipts from non-assessed taxes on earnings rose by 31.5% on the year in the first half of 2022.
Final withholding tax on interest and capital gains
In June 2022, revenue from final withholding tax on interest and capital gains was 51.7% lower than in the same month last year. Taken cumulatively, cash receipts from final withholding tax on interest and capital gains were down by 20.0% on the year in the first six months of 2022.
Revenue from value added taxes was up by 55.4% on the year in June 2022. This sharp increase was due to the unusually high 267.6% increase in import VAT receipts, which in turn was largely due to technical reasons. Receipts from domestic VAT also grew markedly by 9.2% on the year in June 2022. The growth in import VAT revenue was caused primarily by the fact that, since 2021, the deadline for remitting the tax to the authorities is now the 26th of each month; this means that, in some months, part of the revenue is not recorded until the following month due to the time needed for processing. The high growth rate is due partly to revenue shifts from June 2021 to July 2021, which significantly lowered the baseline, as well as to revenue shifts from May 2022 to June 2022. However, even when adjusted for the above-mentioned effects, import VAT revenue was still significantly higher on the year. This is due in part to the continued substantial year-on-year increase in the value of goods imports, and especially due to the sharp rise in import prices.
Cumulatively, cash receipts from value added taxes were up by 25.7% on the year in the first six months of 2022. These cash receipts originated largely from transactions that took place from November 2021 to April 2022. Economic activity during this period was higher than during the same period in 2020/2021, which was strongly affected by the pandemic and the measures taken at that time to mitigate its effects; this explains part of the revenue growth recorded in the first half of 2022. Furthermore, the tax measures taken in connection with the Covid-19 pandemic significantly lowered the baseline figures for 2021.
In June 2022, revenue from taxes accruing solely to the Federation was up by 9.7% compared with the same month last year. Revenue from the solidarity surcharge increased significantly by 43.3% on the year thanks to growth in revenue from the taxes that make up its tax base, especially non-assessed taxes on earnings. Other taxes also posted revenue gains, including energy duty (+3.2%), electricity duty (+13.5%), insurance tax (+7.1%), alcohol duty (+19.0%), and aviation tax (+541.1%). The sharp increase in aviation tax revenue was due to the very low baseline figure from 2021 as a result of the pandemic. In June (as already in May), tax receipts thus regained the pre-pandemic levels achieved in May and June of 2019. However, this comparison does not take into account the large increase in tax rates starting on 1 April 2020. The additional revenue expected from this tax rate increase was about €0.8bn a year. Yields from tobacco duty and motor vehicle tax fell on the year, by 10.8% and 5.2% respectively. Trends in revenue from other taxes had only a minor impact on overall receipts from federal taxes.
Receipts from taxes accruing solely to the Länder were down in June 2022, by 1.0% on the year. Taxes posting revenue gains on the year included real property transfer tax (+5.1%), betting and lottery tax (+6.6%), fire protection tax (+9.3%) and beer duty (0.6%). Revenue from inheritance tax was down by 13.5% on the year.
Borrowing trends for the Federation (budget and special funds, excluding loan financing) in June 2022
Borrowing trends for the Federation (budget and special funds, excluding loan financing) in June 2022
in €m
Total
1,392,961
41,695
-31,658
1,402,998
10,037
-1,859
broken down by purpose
Federal budget
1,351,543
39,413
-29,508
1,361,448
9,905
-1,668
Financial Market Stabilisation Fund (loans for expenses pursuant to section 9 (1) of the Stabilisation Fund Act (Stabilisierungsfondsgesetz))
22,724
1,176
-1,176
22,724
-
-109
Investment and Redemption Fund
16,121
835
-835
16,121
-
-83
Economic Stabilisation Fund (loans for recapitalisation measures pursuant to section 22 of the Stabilisation Fund Act)
2,573
271
-139
2,705
132
1
broken down by debt type
Conventional federal securities
1,288,161
36,810
-31,608
1,293,362
5,202
-741
30-year federal bonds
295,002
1,529
-
296,532
1,529
159
10-year federal bonds
606,011
5,406
-
611,417
5,406
-696
Federal notes
156,003
6,169
-
162,172
6,169
-134
Federal Treasury notes
93,372
5,856
-11,985
87,243
-6,129
-95
Treasury discount papers issued by the Federation
137,773
17,849
-19,623
135,998
-1,774
27
Inflation-linked federal securities
69,331
885
-
70,217
885
185
Green federal securities
25,425
4,000
-
29,425
4,000
-1,270
Securitised loans
5,570
-
-50
5,520
-50
-12
Other loans and ordinary debts
4,474
-
-
4,474
-
-21
Additional information
Liabilities from the indexing of inflation-linked federal securities
10,567
11,209
642
-
Reserves in accordance with the Final Payment Financing Act (Schlusszahlungsfinanzierungsgesetz)
8,813
8,895
82
-
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.
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).
Borrowing trends for the Federation (loan financing) in June 2022
Borrowing trends for the Federation (loan financing) in June 2022
in €m
Total
93,400
2,497
-3,000
92,897
-503
-8
broken down by purpose
Financial Market Stabilisation Fund (loans for resolution authorities pursuant to section 9 (5) of the Stabilisation Fund Act)
60,000
-
-
60,000
-
-
Economic Stabilisation Fund (loans for KfW pursuant to section 23 of the Stabilisation Fund Act)
33,400
2,497
-3,000
32,897
-503
-8
Any discrepancies in totals are due to rounding.
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.
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.