Tax and spending measures are designed to provide country with big economic boost

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Germany has unveiled a massive EUR1 30 bn( PS116. 4bn) pack of excise and spending measures designed to boost the country’s economic recovery from the coronavirus crisis.

Announcing measures to drag Europe’s largest economy out of recession as lockdown measures are removed, Angela Merkel’s government said it would use the package of sweeping temporary taxation gashes and increase benefits to turbocharge its recovery.

A temporary VAT cut from 19% to 16%, from 1 July until 31 December

A EUR3 00 one-off payment for every child in the country

A EUR5 0bn money to tackle climate change, innovation and digital technology>

A EUR2 5bn lend supporting program for small firms that have appreciated their marketings drop by more than 60% for June to August. This could be a particular boost for barrooms, eateries, inns and other hospitality businesses.

EUR1 0bn for districts struggling with lower excise receipts, with public spending on infrastructure and housing

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Read more: theguardian.com