German Government Offers Businesses Billions in Stimulus
Germany's governing cabinet has passed a package of legislation to help companies stay competitive.
The proposed new measures, known as the Growth Opportunity Law, will provide some EUR 7 billion in annual further support for businesses. They include tax reforms, tax breaks and incentives for investment.
Ahead of the cabinet meeting, German Chancellor Olaf Scholz said, “We'll be discussing how we can give a big push to the situation."
EUR 540 million in tax deductions for construction of new homes will be made available. Companies' ability to write off losses against past profits will be extended. And 15 percent of investments made in the areas of climate protection – up to EUR 30 million – will also be eligible for tax deductions. This measure will initially be valued at EUR 390 million.
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