BusinessCompany NewsGermany’s environmental tax relief cut sparks outrage

Germany's environmental tax relief cut sparks outrage

Germany's proposals to reduce the environmental tax relief has sparked outrage from industry and unions which they believe will affect the economic recovery

German draft law to reduce environmental tax reliefs next year has angered
businesses and unions, who believe it will endanger the economic recovery of the
country.

The German finance ministry proposes to reduce the current environmental tax
relief to 80% from 95% in 2011. It also proposes to reduce it further, to 60%,
in 2012, reports
tax-news.com.

The Mining, Chemical and Energy Industrial Union said reducing the rebate was
about filling financial holes and had nothing to do with the environmental
agenda.

Fears have been raised by companies that Germany will lose its
competitiveness and the country could see a mass exodus of business if the
changes are to go through.

The tax reform is set to generate €1bn (£829m) in 2011 for the German
government and circa €1.5bn in 2012.

Further reading:

Taxman
unveils firms’ avoidance schemes disclosures

UN
report recommends accounting rules be used to safeguard biodiversity

Global
business invests in carbon accounting

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor