German tax revenue soars, but war darkens outlook


People carry bags in the Hohe Strasse shopping street as the spread of the coronavirus disease (COVID-19) continues in Cologne, Germany December 1, 2021. REUTERS/Thilo Schmuelgen/File Photo

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BERLIN, June 21 (Reuters) – Germany’s estimated tax receipts for the first five months of the year were 15.1% higher than a year earlier, thanks in part to a strong recovery from the pandemic and despite the war in Ukraine, the finance ministry said.

Estimated tax levies for May – by central and regional governments – rose 10% from a year earlier to nearly 55 billion euros ($58 billion), the ministry added in its monthly report. .

The ministry said there were high levels of uncertainty over developments over the rest of the year, in part due to the war in Ukraine.

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“The level of forecast uncertainty is very high at the moment, and that also applies to future tax revenues,” he said. “It depends above all on the future development of the Russian invasion of Ukraine.”

The pandemic also remained a serious cause of uncertainty, especially as it affected supplies from China.

($1 = 0.9517 euros)

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Reporting by Birgit Mitwollen, writing by Thomas Escritt, editing by Richard Pullin

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