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  • Taxation

    30 October 2019

    Re­sults of the 156th meet­ing of the Work­ing Par­ty on Tax Rev­enue Es­ti­mates

    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 revenue expectations slightly downwards.

  • World

    18 October 2019

    "Cli­mate pol­i­cy will shape all pol­i­cy ar­eas"

    On 18 October 2019, Federal Minister of Finance Olaf Scholz gave a speech on climate policy at the Council on Foreign Relations in Washington on the sidelines of the annual meetings of the IMF and World Bank Group in Washington. He made the points that coordinated action against climate change will be the defining issue for foreign policy and that it will become a business opportunity.

  • Europe

    16 October 2019

    Fran­co-Ger­man Min­is­te­ri­al Coun­cil: new roadmap on eco­nom­ic and fi­nan­cial co­op­er­a­tion

    On 16 October 2019, Minister of Finance Olaf Scholz participated in the Franco-German Ministerial Council in Toulouse, France. The French and German ministries of finance and economic affairs agreed on a new roadmap on economic and financial issues, with a special focus on exploring bilateral cooperation and developing common positions at the EU level.

  • Public Finances

    15 October 2019

    Ger­man Draft Bud­getary Plan 2020

    On 15 October 2019, the German Finance Ministry submitted Germany’s 2020 draft budgetary plan to the European Commission. The draft budgetary plan presents the fiscal projections for the budgets of the Federation, Länder, local authorities and social security funds. The projections are based on current trends and planning, such as the draft 2020 federal budget and the financial plan to 2023.

  • Financial markets

    9 October 2019

    De­vel­op­ing the Cap­i­tal Mar­kets Union

    Olaf Scholz, German Finance Minister, Wopke Hoekstra, Minister of Finance of the Netherlands and Bruno Le Maire, Minister of Economy and Finance of France, received the “Savings and Sustainable Investment Union” report by the Next Capital Markets Union High-Level Group on 9 October 2019. They thanked the Next CMU Group for their high-quality work and welcome the ambitious recommendations in a joint press statement that you can find here.

  • Financial markets

    8 October 2019

    Fis­cal Pol­i­cy Sem­i­nar 2019

    The second Fiscal Policy Seminar took place on 7-8 October 2019 at the Federal Ministry of Finance: 65 science and policy experts from twelve countries attended the seminar, titled “Analysing developments in savings, investments and interest rates – reassessing the role of fiscal policies for growth and stabilisation”. They analysed the developments of savings, investments and interest and discussed conclusions on how to implement fair fiscal policies.

  • Europe

    19 September 2019

    50th Fran­co-Ger­man Eco­nom­ic and Fi­nan­cial Coun­cil

    German Finance Minister Olaf Scholz, German Economic Affairs Minister Peter Altmaier and their French counterpart Bruno Le Maire came together in Paris on 19 September 2019. They agreed to deliver a strategy for growth, strengthen the euro area, launch joint industry projects and protect the EU’s sovereignty over trade policy. The fight against climate change is a priority for both countries.

  • Financial markets

    18 September 2019

    Ger­man gov­ern­ment adopts blockchain strat­e­gy

    The German government has adopted a new blockchain strategy. This makes Germany one of the first countries to unveil a blueprint for taking advantage of the opportunities that blockchain technology offers and for harnessing its potential to advance digital transformation. It is one of the mostly widely discussed digital innovations that are currently transforming economies and societies.

  • Financial markets

    17 September 2019

    Joint State­ment on Li­bra

    At the meeting of eurozone finance ministers in Helsinki on 13 September 2019, Germany and France issued a joint statement on the digital currency Libra. Federal Minister of Finance Olaf Scholz and his French counterpart Bruno Le Maire oppose Facebook’s digital currency. They consider that the Libra project fails to convince that risks will be properly addressed.

  • Financial markets

    16 September 2019

    New mea­sures to fur­ther en­hance in­vestor pro­tec­tion

    The Federal Ministry of Finance and the Federal Ministry of Justice and Consumer Protection have agreed on a package of measures to enhance investor protection. The measures expand the scope of BaFin’s powers for the supervision of financial products and their distribution. Capital investments are now subject to even stricter requirements.

  • Taxation

    16 September 2019

    Tax­es: an in­ter­na­tion­al com­par­i­son

    This article provides basic international comparisons of certain major tax types. The comparisons cover the member states of the European Union plus several additional advanced economies (the United States, Canada, Japan, Switzerland and Norway) and generally reflect the state of the law in these countries as of end 2018.

  • Ministry

    13 August 2019

    5th Berlin‐Val­len­dar Con­fer­ence on Tax Re­search at the Ger­man Fi­nance Min­istry

    On 24 and 25 July 2019, researchers and government officials came together at the German Finance Ministry to discuss issues relating to national and international tax policy. The researchers presented the latest results of their ongoing research projects.

  • World

    24 July 2019

    G7 meet­ing in Chan­til­ly: fo­cus on sta­ble­coins and in­ter­na­tion­al tax pol­i­cy

    At their meeting in Chantilly (France) on 17 and 18 July, the G7 finance ministers and central bank governors discussed the risks associated with stablecoins. They reiterated the importance of a fair international tax system and, for the first time, agreed on the introduction of a global minimum effective corporate tax as an explicit aim.

  • Financial markets

    5 July 2019

    Cryp­to to­kens and dis­tribut­ed ledger tech­nol­o­gy – a fi­nan­cial mar­ket per­spec­tive

    Distributed ledger technology (DLT) is an emerging basic technology of the digital age. In order to address the challenges raised by this technology, the Federal Ministry of Finance is helping to create a national regulatory framework for crypto tokens with the aim of unlocking the potential of DLT and at the same time preventing misuse.

  • Financial markets

    12 June 2019

    Joint com­mu­niqué: The Cap­i­tal Mar­kets Union work­ing group is tak­ing shape

    The high-level working group proposed jointly in May by Germany, the Netherlands and France is now taking shape. On 12 June 2019, the first members of the high-level working group were announced. The group’s analysis and recommendations – which will flow into the CMU roadmap – are to be delivered no later than 30 September 2019.

  • World

    7 June 2019

    So­cial in­equal­i­ty and in­clu­sive growth

    Social inequality is a central subject in debates over economic and social policy. Along with inclusive growth, it has been on the G7 and G20 agenda for a number of years. In Germany, disposable income inequality is relatively low compared with other countries, even though the country performs less well when it comes to equality of wealth. The German government supports France’s initiative to make tackling inequality a key focus of its G7 presidency.

  • G20

    7 June 2019

    In­ter­view with Olaf Scholz in the Japanese busi­ness news­pa­per The Nikkei

    In an interview with The Nikkei, Japan’s leading business daily, Vice-Chancellor and Finance Minister Olaf Scholz discusses issues at the top of today’s fiscal policy agenda. In the run-up to the G20 meeting in Japan, he underlines how important it is for leaders to agree on an international system that ensures a minimum level of taxation. He also talks about current national projects such as the basic pension.

  • Financial markets

    6 June 2019

    Sus­tain­able Fi­nance Com­mit­tee takes up work

    The German government created a Sustainable Finance Committee on 6 June 2019. The Committee’s purpose is to advise the German government as it drafts and implements a sustainable finance strategy, as well as to pool existing expertise and foster dialogue between the relevant players. The Committee is made up of representatives from business, civil society and academia, as well as representatives from a number of federal ministries.

  • Taxation

    20 May 2019

    Sim­pli­fy­ing tax as­sess­ment for non-res­i­dent pen­sion­ers

    The Retirement Income Act, which came into effect on 1 January 2005, changed the way pensions are taxed. As a result of these changes, more and more pensioners are liable to pay tax, even if they live outside Germany. In the past, dealing with pensioners living abroad posed special challenges for the revenue administration, not least due to language barriers.

  • Financial markets

    17 May 2019

    Joint ini­tia­tive with the Nether­lands and France on the Cap­i­tal Mar­kets Union

    Finance Minister Olaf Scholz has teamed up with Wopke Hoekstra and Bruno Le Maire, the finance ministers of the Netherlands and France, to launch an initiative to advance the Capital Markets Union, a step that will durably strengthen the EU internal market. The three finance ministers want to set up a high-level group of experts that will formulate specific milestones this year for the integration of European capital markets.

  • Public Finances

    17 April 2019

    Ger­many adopts 2019 Sta­bil­i­ty Pro­gramme

    On 17 April 2019, the federal cabinet adopted the German Stability Programme for 2019. The programme shows that the available financial leeway will be used to further increase public investment in infrastructure, education and research. Last year, government investment increased to a record level of €78.9bn.

  • Financial markets

    15 April 2019

    Ten years af­ter the fi­nan­cial cri­sis: have reg­u­la­to­ry re­forms made the fi­nan­cial sec­tor more re­silient to cri­sis?

    How have the European regulatory reforms adopted since the global financial crisis affected Germany’s financial sector? The Federal Ministry of Finance recently commissioned a report to find this out. The report, which was produced by the SAFE Research Center at Frankfurt University, found that the policy measures adopted at the European level are proving effective and are enhancing financial stability.

  • World

    12 April 2019

    Ger­many con­tributes to glob­al fi­nan­cial sta­bil­i­ty

    During a recent visit to Washington, D.C., State Secretary Wolfgang Schmidt confirmed German financial support for two thematic technical assistance funds at the International Monetary Fund (IMF). The funds help IMF member countries to improve their statistics systems and to make their financial markets more resilient against crises.

  • World

    12 April 2019

    Olaf Scholz on the transat­lantic part­ner­ship

    On 12 April 2019, Federal Minister of Finance Olaf Scholz gave a speech at the Peterson Institute for International Economics on "The Transatlantic Partnership: Common Values in a Changing World". He underlined the importance of a strong and stable European Union side by side with a powerful but principled United States of America.