Climate action European Sustainable Finance Summit
As the European Sustainable Finance Summit gets underway, German Finance Minister Olaf Scholz and Environment Minister Svenja Schulze are calling on European companies to invest more in sustainable economic activities. The first survey, published today, on applying the EU taxonomy shows that just 2% of companies’ activities by revenue meet the taxonomy’s level of ambition for climate action and …
On Wednesday, the federal cabinet approved draft legislation to reduce the solidarity surcharge. If the bill is passed, the surcharge will, starting in 2021, be completely eliminated for around 90% of those who currently pay it. For a further 6.5% of taxpayers, the surcharge will be reduced. As a result, 96.5% of today’s surcharge payers will be better off.
The Federation, Länder and local authorities can continue to expect higher tax revenues in the coming years. According to current tax estimates, tax revenues will rise from €796.4bn in 2019 to around €935.0bn in 2024. The trend will be somewhat better for the Länder and local authorities than for the Federation, however. Overall, the Working Party on Tax Revenue Estimates has corrected its …
The federal cabinet today approved the draft Act Introducing a Reporting Obligation for Cross-Border Tax Arrangements.