Regional News • Europe • Germany
2020-06-12T14:00:01+00:00

Germany to reduce VAT as part of stimulus package

The cabinet of Chancellor Angela Merkel’s agreed on Friday to cut VAT from 19% to 16% for all goods from July 1 until December 31 and give parents a cash handout of €300 per child as part of its €130 billion stimulus package.

Affected by the Covid-19 pandemic, Germany's economy is expected to shrink by 6.3% this year, its worst recession since World War Two.

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