Tag Archives: Government Finance

The German economy minister aims to provide assistance to businesses affected by COVID | Instant News


BERLIN, April 9 (Reuters) – German Economy Minister Peter Altmaier says he aims to provide assistance through the end of the year for businesses hard hit by the coronavirus pandemic.

Talks about extending six months of aid to help cover fixed business costs are ongoing, Altmaier said on Friday, adding he is looking forward to a decision before the parliament’s summer vacation.

A third wave of coronavirus infections linked to more infectious variants and slow vaccination launches are complicating efforts to ease months of lockdown measures in Europe’s largest economy.

German Finance Minister Olaf Scholz last month pledged to do whatever is necessary to allow Germany to emerge from the economic slump caused by the coronavirus, as the government supports an additional budget that would lift new loans to record highs.

Reporting by Christian Krämer; Written by Maria Sheahan Editing by Caroline Copley

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The G20 does not discuss extending its debt framework to middle-income countries – the Italian presidency | Instant News


ROME, April 7 (Reuters) – Group of 20 finance chiefs did not discuss expanding the general framework on how to manage debt repayments of poor countries to include middle-income countries, Italian Economy Minister Daniele Franco said on Wednesday.

Italy holds the presidency of the G20 this year.

Speaking to reporters after finance ministers and central bankers met by video conference, Franco also said that the US proposal for a global minimum corporate tax rate was consistent with the work in progress in the G20.

An agreement on this is expected to be reached in July, when the G20 will meet in Venice, Franco said. (Reporting by Gavin Jones and Jan Strupczewski, editing by Angelo Amante)

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Merkel supports Germany’s tighter COVID lockdown | Instant News


FILE PHOTO: German Chancellor Angela Merkel wears a mask as she briefs the media after a virtual meeting with the chancellor’s federal state governors in Berlin, Germany, March 30, 2021. Markus Schreiber / Pool via REUTERS

BERLIN (Reuters) – Chancellor Angela Merkel supports demands for a brief and harsh lockdown in Germany to curb the spread of the coronavirus because infection rates are too high, a German government spokesman said on Wednesday.

Germany is struggling to contain the third wave of the pandemic and several regional leaders have called for a brief and sharp shutdown as it tries to vaccinate more people.

“Any call for brief and uniform lockdowns is true,” deputy government spokesman Ulrike Demmer told reporters, adding Germany was seeing a growing number of intensive care patients.

“We need a stable incidence below 100,” he said, referring to the number of cases over seven days per 100,000 population. It’s currently 110.1, according to the Robert Koch Institute.

He also said the government was looking into whether national, not regional, action was needed.

“The range of regulations does not help acceptance,” said Demmer. While some states have imposed a curfew over Easter, others are experimenting with some easing of restrictions.

The majority of the 16 federal state prime ministers oppose proposed talks scheduled for April 12 on what action to take.

The number of confirmed coronavirus cases in Germany rose 9,677 on Wednesday to more than 2.9 million, said the Robert Koch Institute (RKI) for infectious diseases. It has been warned that the figures may not show the complete picture as not all cases were registered during Easter. About 77,401 people were killed.

Reporting by Andreas Rinke; Writes Madeline Chambers; Edited by Maria Sheahan, Kirsti Knolle

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Germany’s Scholz welcomes the US move to impose a minimum global corporate tax rate | Instant News


FILE PHOTO: German Finance Minister Olaf Scholz signals as he holds a press conference in Berlin, Germany, March 24, 2021. REUTERS / Hannibal Hanschke / Pool / File Photo

BERLIN (Reuters) – German Finance Minister Olaf Scholz on Tuesday welcomed the promise of US Treasury Secretary Janet Yellen to set a minimum global corporate tax rate, adding that a deal between more than 140 countries could be possible by the summer.

“I am very excited that with this corporate taxation initiative, we will succeed in ending the worldwide race to the foundation of taxation,” said Scholz. He added that any deal should include new rules for how to tax business across borders by the digital technology giant.

Yellen said on Monday that he was working with G20 countries to agree on a minimum global corporate tax rate and promised that restoring US multilateral leadership would strengthen the global economy and advance US interests.

As part of the US corporate tax fix, the Biden administration wants to set a minimum tax on US companies of 21% wherever they earn income that is taxed, up from the current 10.5%.

Countries are negotiating a global minimum corporate tax rate at the Organization for Economic Cooperation and Development to prevent large multinationals from being able to legally book profits in low-tax countries like Ireland wherever their income is earned.

The proposed US minimum is higher than what has been discussed so far in the OECD, at close to 12.5% ​​and happens to be Ireland’s current corporate tax rate.

A French Finance Ministry source said it was far from certain that the proposed US minimum 21% would make it through Congress.

“This will not be the reference rate for the minimum tax to be decided at the OECD,” said the source.

“We think that a shift in the position of the American government can revive negotiations with European countries at very low tariffs,” the source added.

Reporting by Michael Nienaber, additional reporting by Leigh Thomas in Paris; editing by Madeline Chambers and Philippa Fletcher

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Germany’s Scholz welcomes the US move to impose a minimum global corporate tax rate | Instant News


BERLIN, April 6 (Reuters) – German Finance Minister Olaf Scholz on Tuesday welcomed US Treasury Secretary Janet Yellen’s pledge to set a minimum global corporate tax rate, adding that a deal between more than 140 countries could be possible by the summer.

“I am very excited that with this corporate taxation initiative, we will succeed in ending the worldwide race to the foundation of taxation,” said Scholz. He added that any deal should include new rules for how to tax business across borders by the digital technology giant.

Yellen said on Monday that he was working with G20 countries to agree on a minimum global corporate tax rate and promised that restoring US multilateral leadership would strengthen the global economy and advance US interests. (Reporting by Michael Nienaber Editing by Madeline Chambers)

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