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The Canadian Press - ONLINE EDITION

Healthy job market, company earnings help lift Germany's 2013 tax take 3.3 per cent higher

Posted: 01/31/2014 2:19 AM | Comments: 0

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BERLIN - The German government says a healthy labour market and strong corporate earnings helped its tax take increase by 3.3 per cent last year, allowing it to borrow less than planned.

The Finance Ministry said in its monthly report Friday that the government's tax income totalled 570.2 billion euros ($776 billion) in 2013. Proceeds from income tax rose 6.1 per cent and while those from corporations climbed 15.2 per cent.

In December, the total tax take was 75.2 billion euros, 3.4 per cent higher than a year earlier.

Rising tax receipts have helped bolster the government's finances. Last year, it borrowed 22.1 billion euros, 3 billion less than planned. Germany's budget deficit was only 0.1 per cent of its annual gross domestic product.

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