the revenue of The German fiscal authorities are broke because of the Coronavirus pandemic in may within a year of 19.9 percent. “The economic impact of the Corona-crisis, as well as on the basis of this crisis fiscal measures taken impacted the tax revenues in may 2020 significantly,” said the Federal Ministry of Finance on this Friday in its monthly report. In the first five months of 2020, the revenue declined by a total of 6.3 percent for the prior-year period.
While the tax break revenue in may to 21 percent in the wage tax to a Minus of ten percent. Due to the almost standstill dilapidated air traffic, the revenue of air transport were expensive even by almost 97 percent.
record new debt planned
The Federal government wants to overcome, with a record debt of over 218 billion euros in the economic downturn as a result of the Coronavirus crisis. The Cabinet had on Wednesday the second Nachtragsetat on the way to the game room for new debt to 62.5 billion euros has been increased.
In the first quarter of the year, the economy had shrunk by 2.2 percent since the financial crisis in 2009. At the end of the second quarter, the downturn is likely to be, according to the Economists, with around ten percent much larger. The Finance Ministry expects, however, a gradual pick-up. “Against the Background of the current easing of the Lockdown measures, it is expected a recovery in the industrial production in the next few months, even if the old level is likely to be achieved again.”
