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German parliament amends company taxation
Published in Saudi Press Agency on 25 - 05 - 2007

Legislation bringing several cuts in German company
tax was passed Friday by the Bundestag parliament and is to
take effect next year after passage through the upper house, REPORTED DPA.
Finance Minister Peer Steinbrueck dismissed criticisms and
described it as a "champion" tax package for Chancellor Angela
Merkel's left-right coalition.
The coalition, comprising the Christian Democrats and Social
Democrats, mustered 391 votes to pass the legislation, with 149
against.
Social Democrat leftists had grumbled earlier that the cuts were
an "undeserved gift" of 30 billion euros (40 billion dollars)
annually to business.
But Steinbrueck said that amending corporate taxation was an
investment in Germany's future.
The minister said Germany was reducing taxation on corporate
earnings from nearly 39 per cent to less than 30 per cent, in line
with other industrialized nations. This would make the country more
attractive to investors.
To make up for the cuts, Germany is abolishing tax holidays which
have mainly benefited multinationals.
Parliament also adopted a flat, 25-per-cent rate of taxation on
capital earnings.
The tax will be deducted at source by banks starting 2009 and
means Germans will no longer need to declare interest, dividends and
capital gains as income.


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