Germany plans 10b euro inflation relief tax package

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Germany will offer tax relief worth 10 billion euros ($10.2 billion) to help workers cope with soaring inflation, Finance Minister Christian Lindner said Wednesday.

The package will raise base tax-free allowance as well as bring up the level from which the top income tax rate of 42 percent will apply. Families will also benefit from higher tax exemptions for dependent children.

Inflation in Germany reached 7.5 percent in July, fractionally lower than the 7.6 percent recorded in June, fuelled mainly by energy prices that soared following Russia’s invasion of Ukraine.—AFP

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