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 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 October 2022
Revenue
Federal revenue for the period from January to October 2022 totalled approximately €283.3bn, up by 11.0% (about €28.1bn) on the year. Tax receipts (including EU own resources that are subtracted from the total) increased by 11.4% (about €27.0bn) on the year. Revenue from value added taxes rose by 22.0% (about €20.3bn), while receipts from income tax and corporation tax grew by 10.1% (about €12.0bn). Energy duty receipts were down by 10.2% (about €2.6bn) on the year in the first 10 months of 2022 due to the reduction in energy duty rates on fuels from June to August 2022 (as set out in the Energy Duty Reduction Act (Energiesteuersenkungsgesetz)). Federal revenue totals were also adversely impacted by a major increase in public transport subsidies to the Länder. These subsidies, which grew by roughly €4.1bn on the year, include additional funding to offset revenue losses in the public transport sector due to (a) the effects of the Covid-19 pandemic (€1.2bn) and (b) the costs of the temporary 9-euro public transport ticket scheme (€2.5bn).
The category of “other revenue” recorded a gain of 5.8% (about €1.1bn) on the year in the January–October period.
Federal expenditure in the first 10 months of 2022 totalled approximately €386.4bn, down by 3.7% (about €15.0bn) on the year. A breakdown by economic category shows that consumption spending remained roughly constant year-on-year (up by 0.3% or about €1.0bn). There were several contrasting trends overall. For example, ongoing subsidies to social security funds were up by 9.0% or about €12.5bn on the year, which increased spending levels. This includes higher federal payments (totalling roughly €12.6bn) to the health fund and the long-term care insurance compensation fund to cover pandemic-related costs, and lower spending due to the elimination of €3.0bn in grants for a programme to future-proof hospitals. In addition, spending on subsidies for the procurement of Covid vaccines rose by around €3.1bn on the year in the January–October 2022 period. Operating expenditure was also up by 13.1% (roughly €3.6bn) on the year, due primarily 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 10 months of 2022. Due to the general increase in interest rates, interest expenditure grew by about €10.9bn on the year from a relatively low baseline. The main factors that caused expenditure to decline overall on the year were (a) subsidies to companies, which fell by 39.5% (around €23.2bn) and (b) grants to public administrations, which fell by 20.7% (approximately €10.9bn). Subsidies to companies were down sharply mainly due to the decline in pandemic-related assistance to businesses, which amounted to roughly €10.5bn in the first 10 months of 2022 after totalling €33.5bn during the same period in 2021. The one-off grant of €16.0bn that was allocated to the special fund for reconstruction aid (Aufbauhilfe 2021) in September 2021 explains the significant year-on-year decline in grants to public administrations.
Investment spending totalled roughly €28.3bn in the first 10 months of 2022, down by 36.2% (about €16.0bn) on the year. This decline was mainly due to a reduction in the liquidity assistance provided to the Federal Employment Agency, which was down by roughly €15.3bn on the year in the January–October 2022 period. 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–October period remained roughly constant on the year.
The federal budget recorded a deficit of approximately €103.0bn for the January–October 2022 period.
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
75,578
79,874
+5.7
Economic cooperation and development
13,224
2.4
12,304
2.5
7,594
7,368
-3.0
Defence
46,550
8.4
52,300
10.5
35,807
38,734
+8.2
Government, central administration
20,576
3.7
23,393
4.7
17,309
18,080
+4.5
Revenue administration
5,981
1.1
6,310
1.3
4,772
4,890
+2.5
Education, science, research, cultural affairs
28,985
5.2
32,211
6.5
19,522
18,286
-6.3
Support for school and university students and training programme participants
4,912
0.9
4,484
0.9
4,182
3,162
-24.4
Science, research and development outside of higher education institutions
16,259
2.9
20,264
4.1
10,055
10,085
+0.3
Social security, family affairs and youth, labour market policy
281,133
50.5
248,486
50.1
241,136
216,273
-10.3
Social security funds including unemployment insurance
147,057
26.4
130,769
26.4
133,681
118,209
-11.6
of which:
General pension insurance
97,343
17.5
99,465
20.1
87,871
89,610
+2.0
Health insurance
18,887
3.4
15,940
3.2
16,071
13,136
-18.3
Unemployment insurance
16,935
3.0
1,000
0.2
17,385
2,058
-88.2
Labour market policy
42,109
7.6
41,233
8.3
35,118
34,903
-0.6
of which:
Basic income support for jobseekers under Book II of the Social Code
21,748
3.9
21,085
4.3
18,614
18,706
+0.5
Government housing and heating allowances under Book II of the Social Code
10,090
1.8
9,800
2.0
8,555
7,944
-7.1
Family assistance, welfare services, etc.
11,038
2.0
11,729
2.4
9,234
9,633
+4.3
Social benefits for the consequences of war and political events
2,159
0.4
2,182
0.4
1,749
1,769
+1.2
Other social affairs
67,506
12.1
50,952
10.3
51,276
41,912
-18.3
Health, environment, sport, recreation
16,959
3.0
20,703
4.2
12,336
15,955
+29.3
Housing, urban development, regional planning and local community services
2,270
0.4
3,603
0.7
1,239
1,428
+15.3
Housing, home ownership savings premium
1,320
0.2
2,159
0.4
882
1,070
+21.3
Food, agriculture and forestry
1,953
0.4
2,158
0.4
1,070
851
-20.5
Energy and water management, trade and services
5,705
1.0
15,075
3.0
4,061
6,724
+65.6
Regional support measures
1,796
0.3
2,920
0.6
894
1,039
+16.3
Mining, manufacturing and construction
801
0.1
1,261
0.3
606
808
+33.4
Transport and communication
29,781
5.4
28,836
5.8
17,792
17,677
-0.7
Roads
8,451
1.5
9,452
1.9
5,546
6,227
+12.3
Railways and public transport
14,139
2.5
11,587
2.3
6,684
6,314
-5.5
Financial management
89,432
16.1
34,659
7.0
28,607
29,286
+2.4
Real property and capital assets, special funds and financial grants
84,467
15.2
14,936
3.0
23,334
13,036
-44.1
Interest expenditure and borrowing-related expenditure
3,881
0.7
16,234
3.3
4,344
15,229
+250.6
Total expenditure¹
556,617
100.0
495,791
100.0
401,340
386,353
-3.7
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
357,023
358,057
+0.3
Human resources expenditure
36,498
6.6
37,399
7.5
31,102
32,243
+3.7
Salary payments
27,237
4.9
27,832
5.6
22,982
23,780
+3.5
Pensions
9,261
1.7
9,566
1.9
8,121
8,462
+4.2
Operating expenditure
38,670
6.9
60,854
12.3
27,172
30,739
+13.1
Maintenance of immovable property
1,083
0.2
1,122
0.2
794
859
+8.2
Military procurement
17,068
3.1
20,427
4.1
11,086
11,499
+3.7
Other
20,518
3.7
39,306
7.9
15,291
18,380
+20.2
Interest expenditure
3,855
0.7
16,204
3.3
4,318
15,201
+252.0
Ongoing grants and subsidies
427,989
76.9
334,807
67.5
293,291
278,700
-5.0
to public administrations
117,438
21.1
46,842
9.4
52,485
41,601
-20.7
to other areas
310,551
55.8
287,964
58.1
240,806
237,099
-1.5
of which:
Companies
83,683
15.0
54,656
11.0
58,751
35,516
-39.5
Pensions, benefits, etc.
32,557
5.8
35,623
7.2
27,750
29,203
+5.2
Social security funds
172,478
31.0
167,875
33.9
138,665
151,211
+9.0
Other asset transfers
3,824
0.7
1,509
0.3
1,140
1,174
+3.0
Investment expenditure
45,782
8.2
51,541
10.4
44,317
28,296
-36.2
Financial assistance
39,321
7.1
44,034
8.9
40,032
24,046
-39.9
Grants and subsidies
33,788
6.1
37,942
7.7
20,298
18,854
-7.1
Loans, guarantees
2,363
0.4
4,821
1.0
19,411
4,889
-74.8
Acquisition of holdings; capital contributions
3,170
0.6
1,271
0.3
323
303
-6.2
Fixed asset investment
6,461
1.2
7,506
1.5
4,285
4,250
-0.8
Construction projects
3,920
0.7
4,461
0.9
2,657
2,676
+0.7
Acquisition of movable assets
2,453
0.4
2,883
0.6
1,571
1,417
-9.8
Acquisition of real property
88
0.0
162
0.0
57
158
+177.2
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
401,340
386,353
-3.7
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
119,234
131,252
+10.1
of which:
Wages tax
92,671
27.2
93,358
26.2
68,937
73,995
+7.3
Assessed income tax
30,746
9.0
29,718
8.3
21,867
24,185
+10.6
Non-assessed tax on earnings
13,695
4.0
16,125
4.5
10,443
13,633
+30.5
Final withholding tax on interest and capital gains
4,413
1.3
3,784
1.1
3,610
2,567
-28.9
Corporation tax
21,062
6.2
19
5.6
14,378
16,871
+17.3
Value added taxes
113,126
33.2
135,270
38.0
92,425
112,755
+22.0
Trade tax apportionments paid to Federation and Länder
2,082
0.6
2,210
0.6
1,424
1,839
+29.1
Energy duty
37,120
10.9
30,650
8.6
25,746
23,112
-10.2
Tobacco duty
14,733
4.3
15,220
4.3
11,611
11,198
-3.6
Solidarity surcharge
11,028
3.2
11,150
3.1
8,458
9,391
+11.0
Insurance tax
14,980
4.4
15,650
4.4
13,248
13,863
+4.6
Electricity duty
6,691
2.0
6,850
1.9
5,514
5,673
+2.9
Motor vehicle tax
9,546
2.8
9,560
2.7
8,123
8,108
-0.2
Alcohol duty including alcopops duty
2,084
0.6
2,132
0.6
1,611
1,760
+9.2
Coffee duty
1,058
0.3
1,060
0.3
872
874
+0.2
Aviation tax
566
0.2
1,115
0.3
395
922
+133.4
Sparkling wine duty and intermediate products duty
363
0.1
387
0.1
278
313
+12.6
Other taxes accruing to the Federation
2
0.0
2
0.0
2
3
+50.0
Deductions
Consolidation assistance for the Länder
800
X
800
X
800
800
+0.0
Supplementary grants to Länder
10,071
X
10,512
X
7,653
8,161
+6.6
EU own resources (GNI-based)
28,683
X
29,600
X
25,765
24,277
-5.8
EU own resources (VAT-based)
4,416
X
4,740
X
3,695
4,344
+17.6
Grants to Länder for public transport
9,458
X
9,744
X
7,723
11,872
+53.7
Grants to Länder for motor vehicle tax and HGV toll
8,992
X
8,992
X
6,744
6,744
+0.0
Other income
27,472
8.1
27,751
7.8
18,659
19,743
+5.8
Revenue from economic activity
5,342
1.6
5,358
1.5
2,791
2,943
+5.4
Interest revenue
346
0.1
409
0.1
267
383
+43.4
Loan repayments, holdings, privatisation proceeds
1,304
0.4
1,283
0.4
1,009
989
-2.0
Total revenue¹
341,017
100.0
356,186
100.0
255,219
283,332
+11.0
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
19,375
+13.0
179,375
+3.9
225,850
+3.4
Assessed income tax
1,204
-7.9
56,911
+10.6
75,600
+4.5
Non-assessed taxes on earnings
1,224
-16.9
27,384
+30.6
32,700
+19.4
Final withholding tax on interest and capital gains (including the former withholding tax on interest income)
390
-48.3
5,835
-28.9
7,000
-30.2
Corporation tax
593
X
33,741
+17.3
44,300
+5.2
Value added taxes
23,210
+8.3
235,720
+15.9
283,450
+13.0
Total joint taxes
45,996
+9.7
538,965
+11.0
668,900
+7.7
Trade tax apportionments paid to Federation and Länder
Trade tax apportionments
1,174
+18.3
4,781
+31.0
5,886
+18.9
Increased trade tax apportionments
0
X
1
X
0
X
Total trade tax apportionments
1,175
+18.3
4,782
+31.0
5,886
+18.9
Taxes accruing to the Federation
Energy duty
2,465
-26.9
23,112
-10.2
34,100
-8.1
Tobacco duty
1,436
+7.4
11,198
-3.6
14,350
-2.6
Alcohol duty
172
-3.6
1,758
+8.8
2,170
+3.9
Insurance tax
758
+5.8
13,863
+4.6
15,650
+4.5
Electricity duty
567
+0.6
5,673
+2.9
6,850
+2.4
Motor vehicle tax
756
+7.0
8,108
-0.2
9,470
-0.8
Aviation tax
126
+66.8
922
+133.2
1,170
+106.8
Solidarity surcharge
462
+14.8
9,391
+11.0
11,800
+7.0
Other taxes accruing to the Federation
124
+8.1
1,192
+4.0
1,454
+2.5
Total taxes accruing to the Federation
6,866
-8.0
75,216
-0.8
97,014
-1.2
Taxes accruing to the Länder
Inheritance tax
608
-14.7
7,810
+2.1
9,400
-4.3
Real property transfer tax
1,089
-26.0
14,656
-2.2
17,800
-2.9
Betting and lottery tax
202
-21.2
2,161
+14.4
2,588
+10.9
Beer duty
54
+5.5
507
+3.6
595
+1.8
Other taxes accruing to the Länder
33
+13.2
506
+8.1
580
+8.1
Total taxes accruing to the Länder
1,986
-21.2
25,640
+0.6
30,963
-2.1
EU own resources
Customs duties
651
+30.0
5,493
+32.4
6,650
+29.8
VAT-based own resources
395
+6.9
3,949
+6.9
4,840
+9.6
GNI-based own resources
1,594
-46.0
22,070
-14.3
26,430
-7.9
Total EU own resources
2,756
-27.9
32,671
-2.8
39,300
+2.8
Federation³
23,622
+17.1
267,175
+11.5
338,002
+7.8
Länder³
26,499
+2.9
307,401
+10.0
377,996
+6.5
EU
2,756
-27.9
32,671
-2.8
39,300
+2.8
Local authorities’ share of income tax and value added tax
3,797
+2.9
42,848
+2.0
54,115
+0.3
Total tax revenue (excluding local authority taxes)
56,673
+6.1
650,095
+9.3
809,413
+6.4
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 November 2022. Source: Federal Ministry of Finance
Total tax revenue (excluding local authority taxes) was up by 6.1% on the year in October 2022. Revenue from joint taxes was up by 9.7%, mainly due to the sharp increase in receipts from wages tax and import VAT. Revenue from taxes accruing solely to the Federation fell by 8.0%. This is mainly due to the cut in energy duty rates set out in the Energy Duty Reduction Act for the June–August 2022 period, which resulted in substantially lower energy duty receipts in the three months from August to October. Receipts from taxes accruing to the Länder were down by 21.2%, largely due to declines in revenue from real property transfer tax and inheritance tax, the two highest-yielding Länder taxes.
Transfers of own resources to the EU (including customs duties) were down on the year by 27.9% in the month of October 2022 and by 2.8% in the first 10 months of the year. 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 EU budget is similar to last year’s in terms of volume.
In cumulative terms, total tax revenue (excluding local authority taxes) grew markedly by 9.3% in the first 10 months of 2022. This is partly due to the fact that the 2021 baseline, especially in the first half of the year, 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 half of 2022 alone, total tax revenue (excluding local authority taxes) was up by 17.5% on the year.
The notable growth in tax revenue so far this year is due to the sharp increase in receipts from joint taxes, which were up by 11.0% on the year. In contrast, revenue from taxes whose revenue goes either specifically to the Federation or specifically to the Länder posted only minor changes of –0.8% and +0.6% respectively.
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 17.1% on the year in October 2022. This increase was driven mainly by higher revenue from joint taxes, which grew by 15.6% on the year thanks not only to (a) a 9.7% year-on-year jump in overall revenue from joint taxes in October but also to (b) a decline in the fixed amounts of VAT revenue that are paid to the Länder as part of the fiscal equalisation system. These fixed amounts were very high in October 2021 due to compensation payments made to the Länder in order to offset revenue losses resulting from tax measures that were adopted to mitigate the effects of the Covid-19 pandemic. In addition, transfers of EU own resources from the federal budget were sharply down on the year, which likewise boosted the Federation’s year-on-year revenue figures. In contrast, a substantial drop in receipts from purely federal taxes, which were down by 8.0% on the year, had a negative impact on the Federation’s revenue totals. Furthermore, the supplementary grants and public transport subsidies that the Federation pays to the Länder were slightly higher on the year in October.
Länder tax receipts (after accounting for supplementary federal grants) climbed by 2.9% on the year in October 2022. Revenue from taxes accruing solely to the Länder was down by 21.2%, but this decline was more than offset by higher receipts from joint taxes. Compared with the Federation, however, the Länder rate of increase in revenue from joint taxes was much lower at 5.6%, due to the lower fixed payments of VAT revenue mentioned above. Local authorities’ take from their share of joint taxes was up by 2.9% on the year.
Gross revenue from wages tax posted a notable year-on-year gain of 10.7% in October 2022. The labour market, which plays a key role in determining revenues from this tax, continued to do well despite the difficult economic situation (see the article [in German only] on economic trends in the current issue of the Finance Ministry’s monthly report). Child benefit payments – which are financed from wages tax receipts – rose by 0.4% on the year. On balance, cash receipts from wages tax were up by 13.0% on the year in October. Thanks to the strong upwards trend in the first half of the year, cumulative cash receipts from wages tax were up by 3.9% on the year in the January–October 2022 period, despite the revenue-reducing impact of the energy price allowance paid out to employees in September.
Gross corporation tax revenue amounted to approximately €0.6bn in October 2022, up from the total of −€0.2bn (reimbursements exceeding payments) recorded in October 2021. Corporation tax receipts in October 2022 were determined by assessments for previous years. The balance between back-payments and refunds improved considerably in year-on-year terms. Nevertheless, monthly results are influenced by various factors such as tax return submission dates, the conclusion of audits, etc., and are therefore subject to significant fluctuations over the course of the year. Research and investment allowance payments, which are financed from corporation tax receipts, totalled about €6.0m and thus had only a marginal impact on the yield from corporation tax. On balance, cash receipts from corporation tax totalled approximately €0.6bn in October 2022. Cumulatively, cash receipts from corporation tax rose by 17.3% on the year in the first 10 months of 2022.
Gross receipts from assessed income tax were down by 2.1% on the year in October. As is the case with corporation tax, assessment activity is the factor that determines revenue figures for assessed income tax in the month of October. Refunds to employees, which are financed from this revenue, increased by 6.6% on the year. Investment allowance payments, research allowance payments and owner-occupied homes premiums, which are insignificant in terms of amount, are also deducted from the gross figure. On balance, cash receipts from assessed income tax fell by 7.9% on the year in October 2022. Cumulatively, receipts from assessed income tax were up by 10.6% on the year in the first 10 months of 2022.
Gross receipts from non-assessed taxes on earnings were down by 19.0% on the year in October 2022. Revenue in this category mainly comes from capital income tax that is imposed on dividend distributions by corporations. Shifts in dividend distribution dates frequently occur throughout the year. October is not a month when revenue from non-assessed taxes on earnings tends to be high. In such months, strong fluctuations in year-on-year figures can occur, which should not necessarily be interpreted as trends. Refunds by the Federal Central Tax Office, which are financed from gross revenue, totalled about €24m (down by 64.6% on the year). Overall, cash receipts from non-assessed taxes on earnings fell by 16.9% on the year in October 2022. In cumulative terms, cash receipts from non-assessed taxes on earnings were up by 30.6% on the year in the first 10 months of 2022.
Final withholding tax on interest and capital gains
Revenue from final withholding tax on interest and capital gains was down on the year by 48.3% in October 2022 and by 28.9% in the first 10 months of the year. It is fair to assume that the January–October 2021 baseline reflected high levels of capital gains generated through sales of shares, given the high share prices at the time.
Revenue from value added taxes was up by 8.3% on the year in October 2022. Receipts from domestic VAT fell slightly by 0.2%, while the yield from import VAT surged by 30.2%. The strong growth in receipts from import VAT reflects the substantial year-on-year increase in the value of imported goods, which is mainly due to the very sharp rise in import prices. Because import VAT can be deducted as input tax from (domestic) VAT, rising import VAT receipts tend to result in weaker revenue trends for domestic VAT. The yield from value added taxes tends to be subject to strong fluctuations over the course of the year. This has been magnified by revenue shifts that have occurred on several occasions since the beginning of 2021, with some cash receipts from value added taxes not being recorded until the subsequent month.
When analysing the trends over the course of the year to date, it is important to consider the special factors affecting the 2021 baseline (detailed explanations are provided [in German only] in the October 2022 issue of the Finance Ministry’s monthly report). To a significant extent, the strong cumulative year-on-year rise of 15.9% in the January–October 2022 period can be attributed to this weak baseline.
In October 2022, revenue from taxes accruing solely to the Federation was down by 8.0% on the year. This was largely due to a sharp decline in energy duty receipts (down by 26.9% on the year) caused by the temporary reduction in energy duty on fuels, as set out in the Energy Duty Reduction Act. There is a two-month time lag before this tax cut is reflected in cash receipts. Yields from alcohol duty and coffee duty also fell on the year, by 3.6% and 1.4% respectively. Receipts from the solidarity surcharge climbed by 14.9% on the year, thanks to growth in revenue from the taxes that make up its tax base. Revenue gains were also posted by insurance tax (up by 5.8%), tobacco duty (up by 7.4%), motor vehicle tax (up by 7.0%) and aviation tax (up by 66.8%). The strong year-on-year increase in receipts from aviation tax is the result of the rebound in aviation activities following very low levels in the previous years due to the pandemic.
Receipts from taxes accruing solely to the Länder were down by 21.2% on the year in October 2022, mainly due to declines in revenue from real property transfer tax (down by 26.0%) and inheritance tax (down by 14.7%). Betting and lottery tax revenue was down by 21.2% on the year while fire protection tax and beer duty recorded gains of 12.8% and 5.5% respectively.
Borrowing trends for the Federation (budget and special funds, excluding loan financing) in October 2022
Borrowing trends for the Federation (budget and special funds, excluding loan financing) in October 2022
in €m
Total
1,401,543
40,872
-38,355
1,404,061
2,518
-498
broken down by purpose
Federal budget
1,359,816
40,469
-38,355
1,361,931
2,115
-498
Financial Market Stabilisation Fund (loans for expenses pursuant to section 9 (1) of the Stabilisation Fund Act
22,832
93
-
22,925
93
-
Investment and Redemption Fund
16,190
84
-
16,275
84
-
Economic Stabilisation Fund (loans for recapitalisation measures pursuant to section 22 of the Stabilisation Fund Act)
2,705
226
-
2,931
226
-
broken down by debt type
Conventional federal securities
1,284,625
40,375
-38,355
1,286,645
2,020
-520
30-year federal bonds
303,416
5,525
-
308,941
5,525
68
10-year federal bonds
585,422
9,055
-
594,478
9,055
-407
Federal notes
172,209
3,926
-17,721
158,414
-13,795
-97
Federal Treasury notes
92,324
3,388
-
95,712
3,388
-86
Treasury discount papers issued by the Federation
131,254
18,481
-20,634
129,101
-2,153
2
Inflation-linked federal securities
71,498
373
-
71,871
373
41
Green federal securities
35,527
124
-
35,651
124
-17
Securitised loans
5,420
-
-
5,420
-
-1
Other loans and ordinary debts
4,474
-
-
4,474
-
-
Additional information
Liabilities from the indexing of inflation-linked federal securities
12,879
X
X
13,434
555
X
Reserves in accordance with the Final Payment Financing Act (Schlusszahlungsfinanzierungsgesetz)
9,057
X
X
9,081
24
X
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 October 2022
Borrowing trends for the Federation (loan financing) in October 2022
in €m
Total
92,136
2,000
-
94,136
2,000
-55
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)
32,136
2,000
-
34,136
2,000
-55
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.