Germany cuts corporate taxes - Government approves €46 billion relief package
The German cabinet approved a first tax relief package worth 46 billion euros to support companies and revive the sluggish economy from this year to 2029.
The aim is to encourage investment with favorable depreciation options for companies to be relieved of the tax burden. These include depreciation rates of up to 30% per year for three years.
"We are creating planning certainty for companies and strong investment incentives, as well as demonstrating that Germany is an attractive and internationally competitive country," Finance Minister Lars Klingbeil told reporters in Berlin.
Germany's weak economy risks facing a third consecutive year of contraction for the first time in its post-war history. Reviving the economy is therefore a key task of the new government.
US President Donald Trump's tariff policies are expected to hurt Germany's export-oriented economy.
Klingbeil said he was "very convinced that common solutions can be found. But at the same time, we are preparing at the European level to be able to react decisively if an agreement is not reached," he stressed.
Germany's new Chancellor, Friedrich Merz, will travel to Washington to meet with Trump on Thursday. The talks will focus on trade relations and efforts to avoid escalating economic tensions between the two countries.
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